Despite the disappointment of barely missing their 100,000 vehicle target in Q3 of 2019, Tesla has reported that it was able to turn a profit of $143 million.
Couple this with the news that the Shanghai plant is ahead of schedule and has produced four vehicles in testing AND the fact that the launch of the Model Y has been moved up to the Summer of 2020, TSLA Stock has spiked in after-market trading above $300 for the first time this year.
Now we know why there have been so many Model Y sightings lately.
Here’s some quick stats from Elon:
- Model S & X declined 1% quarter over quarter but up 37% year over year
- Model 3 increased 3% quarter over quarter and 42% year over year
Musk goes on to say in his letter that he expects the Model Y to outsell the Model 3, S, and X combined when it launches this coming summer. Also, it is worth nothing that a limited production of Tesla Semis will also be produced this upcoming summer.