Home / Business / Tesla shocked analysts with hundreds of millions of profits. Shares rose by a quarter

Tesla shocked analysts with hundreds of millions of profits. Shares rose by a quarter



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Tesla has been in the quarterly results only four times since 2010 when it entered the stock market – once in 2013, the second time three years later and last year in the third and fourth quarters. Tesla has never achieved full-year profits in its history.

The results were released on Wednesday. CNN reports on the brand through a greater focus on foreign sales. According to the BBC, the company's financial situation was also affected by the huge cost reduction Tesla made last year.

Tesla's shares were over $ 300 per share for the first time in more than six months. The price is likely to rise further. According to information provided by Tesla to investors, it appears that the company could make a profit in the next quarter.

"Reversal in the Tesla Story"

Tesla was given green light to start manufacturing its cars in China

Tesla managed to build its new "giant factory" in Shanghai, China, faster than originally planned. The cars from the production line there have already started rolling down as part of the tests, CNBC writes. The company was only ten months from the start of construction to get the factory up and running. Sales to China, on which Tesla's profits are strongly based, will again be exempt from customs duties.

In addition, the brand has also developed the development of the Crossover model Y. Within two years she would like to build her fourth "giant factory" to be located in an unspecified location in Europe yet.

"Investors can (these quarterly results) consider a turning point in Tesla's story," says Business Insider analyst. Christopher Eberle. This year, the company plans to deliver a total of 360,000 to 400,000 vehicles, with 97,000 found in the third quarter.

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