After 'historic' quarter, Tesla looks to Europe, China

An Upgrade Package available for the Tesla Model 3 Performance includes a spoiler on the trunk lid

In reporting income of $417 million on $6.8 billion in revenues, the normally money-losing company delivered on one of CEO Elon Musk's key promises.

The production issues Tesla has experienced since launching the Model 3 sedan in July 2017 have also been attributed to excessive automation at its factory in Fremont, California, where it assembles its vehicles.

The Wall Street Journal reported Friday that the Federal Bureau of Investigation is "examining whether Tesla misstated information about production of its Model 3 sedans and misled investors".

A Tesla spokesperson told Gizmodo in a statement that it received a "voluntary request for documents from the Department of Justice about its public guidance for the Model 3 ramp" earlier this year.

With a profitable quarter now in the books, Tesla CEO Elon Musk is looking to meet the next set of challenges, starting first with making a profit next quarter.

Read the full report in the Wall Street Journal here. The FBI is reportedly suspicious that Tesla made projections about its Model 3 production rates at the time knowing that it would be impossible to meet these goals.




Last month the United States financial regulator, the Securities and Exchange Commission, accused him of defrauding investors when he claimed he had secured funding to take Tesla private. But Wood's biggest hopes for the company concern software, and she worries those lofty mobility-as-a-service goals won't come to fruition if Tesla goes private.

"The combination of improved corp governance and meeting operational milestones allow us to become more optimistic on TSLA shares", according to Canaccord Genuity. The aim is to shift up to a million cars a year outside the US. It is the first time Tesla has posted a quarterly profit since 2016 - and just the third time it has done so in its 15-year history. About $1.3 billion of that debt comes due by March, intensifying the pressure on Musk to stop the steady losses.

After initially denying the SEC's accusations, Musk and Tesla agreed to pay a combined $40 million fine to resolve the case without acknowledging or denying wrongdoing.

Musk called the results "historic", and praised the ingenuity and hard work of the company. It didn't hit that level of production until the end of June 2018.

While the third-quarter results were definitely "impressive", and spurred at least one upgrade to outperform at Wolfe Research, most analysts questioned whether the profit and robust cash flow were sustainable and can be repeated next quarter.

Next to the Q3 numbers presented last night, in which it was shown that the popular Model 3 helped push Tesla to profitability thanks to record sales, there have been further updates to the Model Y and the ride-sharing plans, as well as Tesla's plans for Europe and China.

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