Tesla reported a surprise third quarter profit on Wednesday that easily surpassed Wall Street’s expectations.
Here are the important numbers:
- Adjusted earnings: $2.90 per share versus -$0.15 expected
- Revenue: $6.8 billion versus $6.315 billion expected
“Q3 2018 was a truly historic quarter for Tesla. Model 3 was the best-selling car in the US in terms of revenue and the 5th best-selling car in terms of volume,” the company said in a press release.
Free cash flow was $881 million for the quarter, the company said. Total long-term debt also increased slightly to $9.67 billion.
Tesla said it produced an average of 4,300 Model 3’s per week during the quarter, and that it was accelerating its plans to manufacture the sedans in China “in order to significantly increase the affordability.” Those vehicles will only be for Chinese customers, it said.
Shares of Tesla spiked more than 8% in after-hours trading following the release.
This story is developing…
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