First off and as Jalopnik reports in part. Look at this other record for the company we have here. For it seems Tesla went back to back on reporting a $139 million profit in the fourth quarter of 2018. That’s the first time the electric automaker has ever posted back-to-back profitable quarters. Which is more noteworthy: in its 15-year history.
In addition, it was also Tesla’s fourth profitable quarter ever. That’s according to an investor letter published on Wednesday. Tesla generated $7.2 billion in revenue in the quarter, a record for the company.
Total revenue for 2018 was $21.4 billion — another record for the company. Now although Tesla still posted a $1 billion loss across the year. Tesla remains short of CEO Elon Musk’s ultimate goal. For that’s to be generating a full-year profit. Although it has been “clawing back” its losses. Also it finished the year with $3.7 billion in cash.
More interesting was last year. Cause the company lost $2 billion. Musk and CFO Deepak Ahuja wrote in the letter that 2018 was the “most pivotal year in Tesla’s history.”
On a call with analysts Wednesday night, Musk announced Ahuja will be leaving the company in a “few” months.
“There is no good time to make this change,” Ahuja said on the call. “It’s a new chapter, a new year. Tesla has had two great quarters of profitability [and] cash flow, it’s on a really solid foundation.”
For the entire story on TheVerge.com
Although CNBC reports:
- Tesla is struggling to fix and maintain customers’ cars as its makes and sells a higher volume of them than ever before.
- The company says it was operating 378 service centers worldwide last year, with 411 mobile service vehicles– which bring mechanics to the customers’ door — in its fleet.
- Tesla plans to add shifts to eliminate the backlog at its service centers, and claims 80 percent of repairs can be done off-site, not in the shop.