The aim is to shift up to a million cars a year outside the US.
This is only the third time in the company's eight-year history as a public company that it has posted a quarterly profit.
Tesla's upcoming Chinese Gigafactory will initially build the Model 3 and Model Y, a Shanghai government filing has revealed. The manufacturing increase and moneymaking quarter are two things that Musk promised would happen in early August.
Tesla's stock soared 13 percent to $326.12 after the numbers came out.
Musk told analysts that Tesla was not starving development of new vehicles to feed profitability.
Musk envisioned a day when Tesla owners would be able to make their autonomous cars part of a ride-sharing fleet run by the company. "I am incredibly excited about what lies ahead".
Last month the U.S. financial regulator, the Securities and Exchange Commission, accused him of defrauding investors when he claimed he had secured funding to take Tesla private. Musk and Tesla were both fined $20 million by the US SEC for communications related misconduct and fraud. Say we have the following: Uber, Lyft, Tesla, Waymo, Daimler, Cruise and Ford (F), the last of which is working on its own solution.
The usually freewheeling Musk was unusually restrained through most of the call with analysts, although he occasional broke into some braggadocio.
On a call with financial analysts, Mr Musk said Tesla aimed to be profitable every quarter going forward.
In early 2017, the Palo Alto -based company announced plans to produce up to 5,000 Model Three' s a week by the end of that year.
Tesla confounded critics on Wednesday by reporting in the third calendar quarter. I thought Tesla might eke out narrowly positive free cash flow and turn a slight profit in the third quarter.
Tesla reported profit of $311.5 million, or $1.75 per share, for the third quarter ended September 30, compared with a loss of $619.4 million, or $3.70 per share, a year earlier.
The vehicle is scheduled to be unveiled in March of next year. Reduces the discounted cash flow valuation of Tesla's shared mobility business to $71/share from $95/share previously, allowing for a slower ramp and increasing competition from peers.
Ellison later acknowledged that Musk has had trouble achieving goals to ramp up production of the Model 3 under the timelines he's set to motivate Tesla's employees. There seems to be enough room here, but the company needs money and time to put together the tools and the infrastructure needed to support auto production and assembly.
"The story has become too compelling to ignore", Andrew Left of Citron research wrote on Friday.
Tesla, the automaker that's always lauded for its unbelievable success without actually generating money, turned a profit for the third quarter of this year. "We can't thank you enough for your support".
- Stocks Slammed! Dow Plunges More Than 600 Points
- Florida Democrat Andrew Gillum targeted by second racist robocall
- Turkish Employees of Saudi Consulate Give Statements in Khashoggi Probe
- Red Dead Redemption 2 Companion App Heading to Android And iOS
- Putin: Russia Will Attack Any Country That Launches US Missiles
- Lottery fever remains in Kentucky as Powerball approaches $620 million
- Saudi prosecutors: Jamal Khashoggi killing was premeditated
- Islamic Jihad group announces Gaza ceasefire with Israel
- Tim Cook Calls for Strong Privacy Protections
- Video shows Saudi using Khashoggi body double