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. Tesla 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 [...]