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Car: Tesla surprises with quarterly profit - investor enthusiastic


TIME ONLINE | News, backgrounds and debates

Palo Alto (AP) - Tesla boss Elon Musk has often taken on his ambitious goals, but this time he was able to show it to his critics.

Musk's US electric carmaker Tesla has closed the third quarter with a profit - and delivered a tangible surprise. Bottom line, Tesla earned $ 143 million (128 million euros), as the company announced after US market close in Palo Alto, California.

Musk was able to fulfill his promise of black numbers, which analysts had not expected in anticipation of high expansion costs. The triumph fades on closer inspection: Tesla's result was positive, but is still 54 percent lower than a year ago. But investors do not care.

Tesla's shares started trading on Thursday with a plus of 17 percent. After the exchange, the price had even risen by more than 20 percent at times. Tesla's revenues fell sharply. Despite a record of 97,000 cars delivered, sales fell 8 percent to $ 6.3 billion. This is the first time since 2012 that Tesla's revenues have declined year-on-year.

The fact that the group nevertheless made a profit, was because Musk acted more economically this time. Tesla emphasized that operating expenses in the past quarter were as low as ever since the launch of hopeful Model 3 in 2017. Whether this cost control will last long in the face of Musk's ambitious and lavish goals, however, is another story.

Tesla's next major projects are already in full swing. Musk announced that the construction of a factory in China is going faster than planned and is already being produced on a trial basis. In addition, the largely based on the Model 3 based E-SUV Model Y is expected in the summer of 2020 in mass production - months earlier than previously thought. In addition, the dizzy energy business of SolarCity, which Tesla had taken over in 2016, is getting underway again.

Musk expressed in the letter to the shareholders "highly confident" that Tesla 2019 bring more than 360,000 vehicles to the customer. The achievement of this brand appeared recently uncertain, after Tesla had delivered fewer cars in the past quarters than expected by analysts. The manufacturer's annual target is actually around 360,000 to 400,000 vehicles. Expert Christopher Eberle of the investment bank Nomura described the annual report as a possible turning point from the perspective of investors.

Tesla has been on the stock exchange for a long time a difficult position. Before the quarterly report, the share price in the course of the year was down 24 percent, although the market is thriving.

But after the first quarter without a loss in the current year Musk can at least temporarily trump. The Letter to Shareholders also mentions "fundamental advances in our operational efficiency" - despite lower prices by far the best-selling and most favorable Tesla model 3, profit margins have improved.

Letter to the shareholders with quarterly figures

Source: zeit

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