Category: Manufacturing

Posts related to Manufacturing

Tesla reports $312 million profit in Q3 as Model 3 deliveries surge

UPDATED: 10/24/18 9:55 pm ET - adds Musk remark

Tesla reported net income of $312 million for the third quarter, its first GAAP profit in two years, as revenue doubled amid rising production of the Model 3 sedan.

The company posted a net loss of $619.4 million in the same quarter last year and a net loss of $717.5 million in the second quarter this year, the company said Wednesday.

Record deliveries of the company’s Model 3 sedan at gross margins of nearly 20 percent drove free cash flow to $881 million, and the company ended the quarter with $3 billion in cash on hand. Automotive revenue nearly doubled to $6.1 billion from $3.36 billion in the second quarter; it was $2.4 billion in the same quarter last year.┬áTesla also bolstered its positive results with $52 million from sales of regulatory tax credits and $23 million in other income.

On the balance sheet, accounts payable increased by more than $566 million from the second [...]

img-3Tesla Motors Inc., the world’s best-performing automotive stock this year, will join the Nasdaq-100 Index next week, filling the spot vacated by Oracle Corp., which is moving to the New York Stock Exchange.

The electric-car maker will be added to the gauge, which tracks the biggest companies on the Nasdaq, before the start of trading on July 15, Nasdaq OMX Group Inc. said in a statement Monday. Oracle, which last month said it will join the NYSE, is the biggest company to jump between the competing exchanges.

Shares of Tesla, the carmaker headed by billionaire Elon Musk, have more than tripled this year as the popularity of its new Model S sedan helped the company turn its first quarterly profit. Gaining entry to benchmarks tracked by investors is attractive to public companies because it provides a guaranteed shareholder base.

“It’s a coming of age, recognition that [...]

img-4The Toyota Camry and the Honda Civic, the top-selling mid-size and compact cars in the U.S., face risks of reduced production as inventories of the models rise, an RBC Capital Markets report said.

Toyota’s Camry exceeded its seasonal historical average inventory by more than 15 days supply in June and Honda carried about 25 days more Civics than usual, Joseph Spak, a New York-based analyst for RBC, said in today’s report. Camry and Civic were the only models identified as at risk for reduced output among 16 of the top-selling vehicles in the U.S. market. General Motors Co., Ford Motor Co. and Chrysler Group LLC all added U.S. market share in the first six months of 2013, the first time that all three gained first-half share in 20 years. Models such as GM’s Chevrolet Cruze compact and Ford’s Fusion mid-size sedan, leading Detroit’s most competitive set [...]

    Back to top