On Wednesday afternoon, A Tesla Spokespeople announced the Company made a profit of $143 million during the third quarter in 2019. Statistics from Q3 2019, through the end of September were taken. They show, The company had $5.3 billion in cash and cash equivalents. As well as, $371 million in operating cash. Surprising analysts in the industry.
For comparison, Tesla recorded an unprecedented loss of $408 Million in Q2 2019. Which, was followed by even heavier losses in Q1 2019. Tesla presented the good news to executives in a conference call today. The company stated that this newfound profitability “was possible by removing substantial cost from our business.” Although recently decreasing price in their cars, to meet consumer needs. Tesla says its automotive gross margin is now 22.8%. That’s higher than it’s been than in all of 2019.