Tesla Delivers 'Historic' $311m Profit 👏

  |   Tech News

Tesla has reported a quarterly profit for just the third time in its 15-year history.

The electric car-maker made a record $311.5m (£241m) in the three months to 30 September, as the pace of car deliveries accelerated.

The result is a victory for chief executive Elon Musk, who had promised a profit to investors earlier this year.

Tesla's last profitable quarter came in 2016 and it had faced mounting questions about its finances.

In a letter to investors, Mr Musk called the quarter "historic" and said it was a credit to the firm's "ingenuity and incredible hard work".

He also said Tesla was on track to be profitable again in the fourth quarter.

Shares jumped more than 10% in after-hours trading in New York.

The results are a sign that the firm has turned a corner, said Nicholas Hyett at Hargreaves Lansdown.

"Normally we'd tell investors to avoid reading too deeply into a single quarter's numbers, but this quarter really counted at Tesla," he said.

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