Tesla achieves first quarterly profit since 2013

Tesla founder Elon Musk (Image: Reuters)

Tesla has posted its first quarterly profit in eight quarters, also beating its best performance in deliveries.

Reuters reports that the company made a profit of $US 21.9 million for the quarter ending September 30, compared to a loss of $US 229.9 million for the corresponding period a year ago. The last profitable quarter was in the first part of 2013.

“This was a great three months for the company,” Joe Dennison, a portfolio manager at Tesla shareholder Zevenbergen Capital Investments, told Bloomberg.

“Despite daily headlines and skepticism, Tesla continues to widen its technology lead and make steady progress towards its goals of mass production.”

The company reported delivery of 24,821 Model S and Model X vehicles and revenues of $US 2.3 billion. It expects to deliver around 25,000 cars this quarter, and is preparing to roll out its Model 3 mass-market car next year.

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