It’s a no-brainer that Tesla churns through capital as if there were no tomorrow, but for this high-tech company led by one of the world’s favorite evil geniuses, the future is bright. For the first time in two years, Tesla reports turning a profit. With the California-based company’s latest financial release to shareholders, CEO Elon Musk and his team revealed Tesla earned a tidy profit of $21.9 million for the third quarter of 2016.
While many businesses would be considered a failure if they didn’t make a profit within the first two years, Tesla’s expensive research and development ventures put them in a different category. After all, this is not just another car company. Musk leads the company into worlds of wild innovation: fully electric and autonomous luxury vehicles, a giant sustainable battery factory in Nevada, and soon a solar rooftop venture developed in partnership with SolarCity.
Tesla’s recent profits aren’t a fluke, though. The company seems to be doing very well in all aspects of its business. The report also boasts record production numbers, deliveries, and overall revenue, including a 59-percent sales bump for the Model S year-over-year last quarter. Tesla’s letter to shareholders also reported that orders for the Model S and X were up 68 percent over the same period last year. The company is still on target to produce 50,000 by the end of 2016, and is on track to begin delivering the new Model 3 in late 2017.
Musk will be back in the spotlight Friday to unveil the Tesla/SolarCity solar roof, which he promises will be “really great.”
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