Tesla (TSLA) Releases Quarterly Earnings Results

Tesla faces FBI probe over Model 3 numbers

"Tesla did all of this despite the distractions around Elon himself, and the positive report reverses some of the damage that's been done".

In a statement to the Wall Street Journal, Tesla said it had "received a voluntary request for documents from the Department of Justice about its public guidance for the Model 3 ramp" earlier this year and was "cooperative in responding to it".

The electric auto maker also said its Q3 revenues climbed 70.5% to hit $6.82 billion, up from $4 billion in the second quarter and more than double the $2.98 billion reported in the same period a year earlier.

"Our earnings profile has flipped dramatically", Musk and chief financial officer Deepak Ahuja said in a letter to shareholders. The results were supported by an increase in Model 3's new production as well as a drop in capital expenses.

That was followed up by another keen Tesla fan who then asked when the United Kingdom could expect the Model 3. Tesla had promised to produce 5,000 Model 3s every week by the end of past year, but only managed to make 2,700 units.

Production will initially take place in California, but Tesla is "moving rapidly" to get production going in China and wants to have that going next year, according to Musk.

The growing Federal Bureau of Investigation probe comes on the heels of Musk happily reporting the company turning a profit for the third quarter, largely due to the Model 3.

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Thanks to the production push for the Model 3 over the summer, Tesla was able to rack up $312 million in profits for Q3.

Model 3 cars start about $50,000, despite a Tesla goal of making an electric vehicle priced for the masses. Known for making bold calls, the money manager first revealed her $4,000 per share call.

Musk seemed to express frustration about The Journal's story via Twitter Friday afternoon, replying to a Twitter user who suggested the story was motivated by a desire to lower Tesla's stock price. The SEC had called his claims "false and misleading" and accused him of fraud last month.

He expressed confidence that Tesla would remain profitable, despite using cash to pay off notes.

In addition, building the duo in China will allow Tesla to avoid tariffs on Model 3 and Model Y vehicles it sells in China, which it would otherwise have to face if it imported them from another country. Says customers waiting for the $35,000 (Dh128,530) version of the Model 3 are subject to high degrees of price sensitivity relative to customers in the mid-sized premium sedan market.

Strong third quarter across the board helped by Model 3 mix. Musk squashed any further questions on that issue by saying he would only accept questions about Tesla's operations. The exact statement was as follows: "In order to significantly increase the affordability of Model 3, we have chose to accelerate our manufacturing timeline in China".

Rejoice! Tesla, the electric vehicle maker that has proved immensely popular, despite its production troubles, poor quality products, and mistreatment of its staff has finally made some money.

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