Those who have listened to our podcast know that I am not too fond of Tesla. I have my many reasons for not liking them and not blindly worshiping Elon like many people do. I will say that I am impressed they have been able to be profitable for two straight quarters. Honestly I never thought I would see the day that this happened. Unlike most of you reading this, I have been patiently waiting till the real car manufacturers release their electric cars making Tesla a thing of the past.
According to Forbes Tesla earned $135.9 million, or 81 cents per share for the quarter that ended December 31. Tesla aims to deliver 360,000 electric vehicles this year. That is an impressive amount considering the wait times in ordering their cars. They plan to do this by ramping up production surpassing their sales of 245,240 units in 2018. Due to their recent restructuring, they plan to reduce costs by $400 million annually.
Will Tesla finally make a consistent profit like a real car company? Despite my bias against the company, I still believe that Tesla succeeding will be good for the overall impact of the industry. I may not like them, but I am not a communist.