Amid feverish leaks, trial balloons and media reports that Tesla will finally report a profit as production of the Model 3 electric sedan finally took off, following efforts to minimize spending and maximize revenue, coupled with an ongoing mass exodus of senior executives, and Elon Musk’s promise (first made in May) to be cash flow positive, not to mention yesterday’s surprising reversal by noted short-seller Citron who turned tactically bullish on the stock prompting a massive short squeeze, and of course Musk’s well-known problems with keeping his mouth shut on Twitter and his recent settlement with the SEC over Tesla’s “funding secured” going private transaction, it is safe to say that Tesla’s earnings were the most hotly expected numbers of the week, if not the quarter.
So, with all that in mind, moments ago Tesla reported what Bloomberg dubbed a “historic” quarter because not only did revenue and earnings soar, smashing expectations, but the company reported an unprecedented $881 million and positive Free Cash Flow, over a $600 million more than the $280 million expected.
Here are the production highlights from the report:
