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Business

Tesla delivers first quarterly profit since 2013

Opening sequence

Opening sequence

Business

Tesla delivers first quarterly profit since 2013

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COMING UP:Tesla delivers first quarterly profit since 2013

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00:00:02
>> Tesla zooming by Wall Street estimates Wednesday, posting only its second quarter of profits in its history. The company crediting record deliveries in the third quarter of close to 25,000 cars, that pushing the stock up as much as over 6% in after hours trading. Reuters San Francisco Bureau Chief Peter Henderson.
00:00:21
>> Tesla's just been pouring money into its factories and investors have just been waiting to see if it would ever make a profit. The fact that they've managed to do so as they're ramping up production is important for investors.>> Some analysts pointed to a much larger than expected clean car credit for helping to boost the profit.
00:00:41
But investors also reassured as Tesla says its cheaper Model 3 electric car is on schedule for delivery in the second half of next year, trying to dispel concern that it could face yet another delay in plans as CEO, Elon Musk, is prone to promising aggressive goals. Another aggressive goal, merging Tesla with SolarCity.
00:01:02
Musk casting the tie-up as a long-term bet on green energy with the electric car company selling not just cars but battery storage and solar panels. But some investors are worried.>> Tesla also has the SolarCity deal but it's about to be voted on. One of the big questions about that is will they have enough cash to run both SolarCity and Tesla, so making that net profit shows that at least, for the moment, they're doing pretty well.
00:01:31
>> Musk's saying on the earnings call that SolarCity could even be a cash contributor to Tesla results in the fourth quarter, quote, in a small way. He adds Tesla could turn another profit in the fourth quarter.