Tesla moves back into profit in 2016

Electric car company enjoying financial turn-around on back of increased sales...

Tesla moves back into profit in 2016

After a run of financial losses, Tesla is now back making a profit and with more new models on the way, the tough times could be behind the company.

Tesla Motors Inc. has just announced that it had made a $22 million (U.S.) net profit in the third quarter of 2016, that’s just the second time in its history as a public company that it has been in the black.

The company reporting that it had delivered 24,500 cars in the third quarter and that helped lift revenue to $2.3 billion, up significantly on the $937 million reported in the same period last year.

Tesla saying in a statement that the results put the company on track to record 50,000 vehicle sales for the second half of 2016.

“New product launches, increased store efficiency and new store openings drove year-on-year order growth,” Tesla said in a statement.

“Self-driving hardware and other product enhancements position Tesla for additional market share gains.”

While new models, such as the Tesla Model X SUV and the smaller and more affordable Model 3, are expected to help lift sales and profits further for the company into the future.

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