Tesla has surprised analysts by announcing a “truly historic” £240 million profit during the last quarter; the largest in its history and first profit in several years. It’s sure to come as a relief to embattled and former CEO Elon Musk, and Tesla’s share price shot up by up to 10 per cent following the news. It follows a £553 million loss in the previous quarter and £31 million in fines after Musk tweeted that he planned to take Tesla private at £324 a share, breaking regulations.
TESLA POSTS ‘HISTORIC’ PROFIT
Production was ramped up to deliver around 56,000 Model 3 vehicles to customers, compared with less than 19,000 in the previous quarter. Production now stands at around 4,300 cars a week, bringing it significantly closer to Musk’s previous target of 5,000. The news also comes off the back of recent job cuts at Tesla to improve profitability. Musk also confirmed that sales of the Model 3 could be extended to Europe in March, with Asia following soon after.