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Tesla announces quarterly profit

Tesla announces quarterly profit

Tesla has announced a quarterly profit of $311.5 million (£241 million).

The car-maker has, therefore, made a profit for only the third time in its 15-year history in the three-month period to the end of September.

The impressive performance was driven by the accelerated pace of car deliveries and is widely seen as a personal triumph for the company's high-profile chief executive Elon Musk, who has described the results as "historic".

Nicholas Hyett at Hargreaves Lansdown also believes that the results show Tesla is now entering a new era in the company's history.

He said: "Normally we'd tell investors to avoid reading too deeply into a single quarter's numbers, but this quarter really counted at Tesla."

Musk has come under substantial pressure in recent weeks after he was accused by the Securities and Exchange Commission of defrauding investors when he claimed to have secured funding to take Tesla private.

Subsequently, both sides confirmed they had reached a settlement that would allow Musk to remain Tesla's chief executive, provided he agreed to vacate his position as chairman and pay a fine.

Tesla has yet to announce Musk's replacement as chairman.

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