Tesla shares big news with 3rd quarter financial results

Tesla approves Model Y for production

Later in the call, Musk clarified the company's long-term ride-hailing plans, saying that while Tesla will operate a fleet of vehicles, owners will be able to add or subtract their vehicle from the fleet at will. Alphabet is a holding in Jim Cramer's Action Alerts PLUS member club.

In brief: Tesla and CEO Elon Musk recently settled a dispute with the DOJ but according to a recent report from The Wall Street Journal, the company's legal woes may only be deepening. The automaker made 5,300 Model 3s during the final week of the third quarter, less than the weekly goal of 6,000 it had set for the end of August.

"Q3 2018 was a truly historic quarter for Tesla", Tesla's CEO Musk said in a letter to shareholders. The results were supported by an increase in Model 3's new production as well as a drop in capital expenses. Berenberg Bank reissued a "buy" rating and issued a $500.00 target price on shares of Tesla in a research report on Thursday, June 28th. WSJ reported that its sources said Tesla's early production line did not even have a full body shop until late past year. Tesla also posted $52 million (£40.5 million) from the sales of regulatory tax credits and $23 (£17.9) million in other income.

Tesla, the automaker that's always lauded for its awesome success without actually generating money, turned a profit for the third quarter of this year.

Talking about Tesla's future plans - which include the Model Y, a new Roadster, a lorry and a pick-up - Musk said the firm has "the most exciting product roadmap of any company on Earth".

Tesla delivered 55,840 Model 3s in the third quarter, worth more than $3 billion in revenue at $59,000 per auto - the average price paid without add-ons.

He continued: "The company's cash balance (less deposits) and working capital have been a concern for investors for the past several quarters". The starting price for the Model 3 was United States dollars 49,000 in the quarter, but the Company is working to bring the price to USD 35,000. But Wood's biggest hopes for the company concern software, and she worries those lofty mobility-as-a-service goals won't come to fruition if Tesla goes private.

The Journal reported that the FBI is investigating whether the company made projections about its Model Three production knowing it would be impossible to meet those goals.

Tesla executives expect to begin delivering Model 3 cars in Europe in the first quarter of next year, and in China by the second quarter.

The normally flamboyant Musk let Tesla's results do the flame-throwing this time and held a thoroughly uneventful conference call.

Having no side mirrors is a growing trend in the world of concept cars that will surely make it to road-safe vehicles sooner rather than later. "The $35,000 Model 3 remains a fantasy, and with the full tax credit for that vehicle now off the table, it will be interesting to see how many buyers are willing to keep waiting for it to be a reality".

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