Tesla beat Wall Street Analyst estimates by a wide margin.
Tesla reported Q3 2018 Earnings on Wednesday with revenue of $6.82 billion and a profit $417 million or $2.90 per share. Tesla's earnings per share widely out-paces analyst estimates of losses of 15 to 19 cents per share.
Revenue on automotive production increased 158% year over year with a dramatic increase in sales during the summer of 2018 due to increased sales of the Model 3 sedan. Tesla also cites increased gross margins on the Model S and Model X due to increased efficiencies. The Model 3's margin grew to above 20% while production rate increased and manufacturing costs dropped. Telsa is now moving an average of 4,300 Model 3s off the assembly line per week.
Tesla did not change their overall guidance for the year and production goals remain at 100,000 Model S and Model X units for 2018.
Tesla Report attached (PDF) - TSLA 3Q18 Update Letter
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