Tesla stock ups after beating quarterly revenue

28 Oct 2018_campuscad

Iconic electric US carmaker Tesla posted a profit in 3rd quarter of 2018.

Tesla earned $2.90 per share and posted $6.8 billion revenue and beats analyst expectation of $6.3 billion.

This huge earnings give Tesla a pool of cash in its accounts of more than $2 billion.

These revenue surge is because of Model 3 high price and sale.

Model 3 starting price is around $46000 with range of 500 km on single charge.

The weekly targeted production for Tesla model 3 is around 6000 but company has history of missing its target and producing around 5000 units.

As compared to traditional Automakers from united States, Tesla revenue is quite less but with unique approach in design, quality and complete electric Car helps to gain more sales and market capital.

Ford and General Motors have generated $36-37billions of revenue for the same quarter.

Current Tesla stock price is 330.90 USD per share and up 5.09%.

A Month back CEO Elon Musk has lost his chairman position amid a tweet over taking Tesla private and the lawsuit by short sellers.

As a result of settlement with SEC, Elon Musk steps down as a chairman and can not apply for next 3 years.