Tesla Model Y approved for production

Tesla approves Model Y for production

The increase lifted revenue to $6.8bn in the quarter, more than double a year ago.

The Journal reported that the FBI is investigating whether the company made projections about its Model Three production knowing it would be impossible to meet those goals.

According to the Journal, Tesla the FBI "has intensified" its investigation into whether Tesla misstated data on the production of its Model 3, its lowest-priced sedan.

The latest information may be part of a larger inquiry that investigators began earlier this year, although neither the Justice Department nor the FBI have confirmed that they are investigating Tesla, which is common among federal agencies. But Tesla said it has not received any additional document requests, a subpoena, or a request for testimony from the DOJ about its public guidance for Model 3 production "for months".

Tesla reported free cash flow of $881 million in the quarter - the first time since the third quarter of fiscal 2016 - and Musk said the company will maintain that in the coming quarters. In the presentation, Musk mentioned that Tesla would definitely be offering the service in future, which will likely be competing with Lyft and Uber.

The chief question for investors will be whether Tesla is profitably building the new Model 3, which would mean that its earnings would rise as volume improves.

Company shares hit a record in August but decreased again as Musk was sued by short-sellers and USA regulators for tweeting, and then swiftly postponing, a plan to take the company private.

Raises forecast for fourth-quarter GAAP operating margin to 5 percent from 1.6 percent previously, driven by the higher third-quarter base effect and 64,000 units of Model 3 in fourth quarter, or about 5,300/week.

Musk set lofty goals and insisted on sticking to them but the company has not met its own targets, according to countless media reports. Because of this, he left the post of representative of the Board of Directors of the company and must pay a fine in the amount of 20 million US dollars. Musk was a bit reserved during the conference call, and his usual boasting style was absent most of the time. Calling the quarter "historic", Tesla for the first time in history managed to turn a profit.

Tesla hit a long-delayed goal of making 5,000 Model 3s in one week at the end of June 2018, and, at the beginning of this month, Tesla said it produced 53,239 Model 3s during the third quarter after projecting it would make between 50,000 and 55,000.

Next to the Q3 numbers presented last night, in which it was shown that the popular Model 3 helped push Tesla to profitability thanks to record sales, there have been further updates to the Model Y and the ride-sharing plans, as well as Tesla's plans for Europe and China.

For months critics have been warning that cash flow problems threatened the company's survival.

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