Tesla makes surprise profit figures
Tesla made a surprise profit markers as it posted $342 million. Wall Street had expected the company would yield negative figures amounting to $257 million.
After the trading hours, Tesla’s shares moved up by 20%. In the second half of the year 2018, Tesla posted back-to-back profits. But since the company went public in 2010, Tesla had only posted profits twice.
Similar to 2018’s third-quarter, last quarter’s earnings came just when analysts forecasted another batch of losses.
This year, Tesla has done ways to improve international sales and has spent hefty amounts on a manufacturing plant in China in an effort to cater to billions of consumers.
“We have also dramatically improved the pace of execution and capital efficiency of new production lines. Gigafactory Shanghai was built in 10 months and is ready for production, while it was 65% less
expensive to build than our model 3 production system in the U.S.,” Tesla noted in a letter on Wednesday.