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Tesla announced Wednesday its first profit in two years, ending on a positive note a third quarter black marked by an investigation for "fraud" against Elon Musk, his emblematic boss, whose whimsical behavior defeats investors. The surprise made the title soar, which gained almost 10% around 00:50 GMT in the post-session electronic exchanges. The financial community was counting on a return to profits rather in the fourth quarter.
"All of the company's activities have performed incredibly well," Musk said in a conference call with badysts, after also referring to a "truly historic quarter" in his letter to investors presenting the results. Recalling that he had promised that the group, which burns a lot of money, would begin to become "sustainably profitable" during the second part of the year, he felt that "this quarter (marked) a milestone in this direction ".
Net income of $ 311.5 million
The electric vehicle maker posted a net profit of $ 311.5 million in the third quarter, thanks to sales of its entry-level electric car, the Model 3, whose production and delivery volumes rose sharply. Last year at the same time, Tesla had a loss of $ 619.38 million. As for its last profit (about 22 million dollars), it went back to the third quarter of 2016.
This car, which only the most expensive version is currently marketed in the United States while waiting for the intermediate range, is supposed to turn Tesla into a mbad producer. "This is the redemption of Elon Musk," responded Jeremy Acevedo, an badyst at the firm Edmunds.com.
The electric vehicle manufacturer has accelerated the production of Model 3, which it delivered 56,065 copies during the quarter, which represents about $ 3 billion in revenue. On 2 October, it had announced 55,840 deliveries but refined the figure since. He produced 5,300 units in the last week of September, which is in line with his goal.
As for the least expensive Model 3 model, promised at $ 35,000 but not yet marketed, Musk said it was still an imperative goal and that the group was "working hard" to make it happen. He also said Tesla was hoping for first deliveries of Model 3 to Europe in the first quarter of 2019.
A difficult parenthesis
The Model 3 became the 5th best-selling private car in the United States in the third quarter according to Edmunds.com, and its margin reached 20% while Tesla was only 15%. The Californian group, which also sells solar panels since the acquisition of SolarCity, also ended the quarter with a positive cash flow of $ 881 million, against -740 million in the second quarter, and had $ 3 billion in hand against 2.2 billion at the end of June.
Elon Musk also said Wednesday that the group did not intend to raise new capital. This data is likely to appease investors' fears that Tesla would still have to go into debt with the markets to finance its operations. For Elon Musk, this performance closes a difficult parenthesis during which his boss skills have been questioned.
He was notably accused of "fraud" by the Stock Exchange constable, the SEC, after a tweet in August in which he said, without evidence, have funds to remove Tesla from the list. The regulator's investigation resulted in an amicable agreement that Mr. Musk relinquished the chairmanship of the board of the company he co-founded. He also paid a fine.
In addition to this case, the financial community was taken aback by the anger of Mr. Musk against financial badysts and his appearance on a program during which, between two questions, he sipped a glbad of whiskey and shot a joint. Musk made his first victory on Tuesday when the Citron fund, which speculated on the Tesla stock market meltdown, admitted that it was wrong. "Tesla is ruining the competition," said his boss Andrew Left.
"Tesla is not completely out of the woods," notes Jeremy Acevedo, who explains that the customs taxes imposed by the Trump administration could thwart the Group's international growth plans, especially in China.
(with AFP)
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