SolarCity could be ‘cash contributor’ to Tesla, says Musk

In the same email, Musk wrote, “It would be awesome to throw a pie in the face of all the naysayers on Wall Street”.

Elon Musk also clarified that third quarter results have not been achieved at the expense of the fourth quarter. They now have a $338.00 price objective on the electric vehicle producer’s stock.

Tesla recorded net income of $21.9 million, or 14 cents per share, for the third quarter ended September 30, marking the first positive earnings since the first quarter of 2013. Excluding one-time items such as stock options, Tesla earned 71 cents a share.

With these higher deliveries, Tesla was able to generate revenues of $2.2 billion from the automotive segment. Citigroup Inc. restated an “underweight” rating on shares of Tesla Motors in a report on Friday, October 21st. The EPS of company is strolling at -0.60. Of course, charging at home is still super easy and is how drivers charge their Teslas most of the time.

For the recent quarter, Tesla had a profitable bottom-line after a nine consecutive quarters when losses were reported. “This is very good news for the company, as it may just create a positive domino effect and ease the additional capital raising and approval of the SolarCity merger”.

Investors have been sceptical thus far of the proposed merger between Tesla and another Musk-controlled company, SolarCity.

Musk also said that Tesla may not have to raise more money even if the SolarCity deal is approved by shareholders November 17.

“Record vehicle production, deliveries, and revenue”, was heralded by the company for its turn in fortunes.

Quarterly revenue, meanwhile, rose to $2.3 billion from $936.8 million a year earlier, as the company sold more than double the number of Model S and Model X vehicles than it did a year earlier.

Tesla also today maintained its forecast for 50,000 vehicles delivered in this year’s second half, after shipping 24,800 Model S sedans and Model X sport utility vehicles in the quarter, more than analysts had estimated. Legal & General Group Plc raised its position in shares of Tesla Motors by 4.1% in the first quarter.

Earlier this year, Tesla changed the language in a filing to reflect Musk’s more recent contention.

The CEO even said that he was going on the 100 kWh battery pack production line right after the call to help with scaling up. Investors have taken notice of Tesla’s turnaround and future outlook.

Record deliveries helped to offset rising expenses for next year’s roll-out of the company’s mass-market Model 3 saloon auto.

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