Tesla Inc. reported a surprise profit in the third quarter, and promises that it will sustain that position through a series of tough tests in the months ahead.
Chief Executive Elon Musk blamed that quick decline on logistical issues, growing pains and more, but now promises that Tesla will be profitable moving forward, even as he heads into yet another frantic ramp. The question Tesla investors are left with is if the company will be able to sustain the current profitability — which was mostly derived from cost-cutting and emissions credits— at the same time it is building out the new Model Y and a brand-new gigafactory in China.
“We have moved the launch timeline from full 2020 to summer 2020,” Musk said. “There may be some room for improvement there, but we’re confident about summer 2020.” There is also the question of sustainability in general, given that tax credits for electric vehicles will be going away in the U.S. next year, and that the company already cut its costs to get to this point. Tesla cut 7% of its full-time workforce earlier this year, closing most of its retail locations and cutting prices to help make up for the loss of tax credits.
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