Tesla earnings were revealed Thursday that show the company burned through $1.66bn in the third quarter as car sales increased. For the last three months of the year, the electric car manufacturer brought in an adjusted profit of $200m ($1.30 per share), compared to a loss of $89.6m in the second quarter and a $282m profit a year ago. Profits have been helped by cost cuts and benefits from accounting for expenses for their US Energy Secretary nominee Rick Perry’s hedging activities, and Tesla beat analysts’ expectations. Analysts expected $0.79 per share of profit. But sales totaled $2.85bn, a 36% increase over the same quarter last year. Revenue for the full year was almost $10bn, up 60% year-over-year. According to a press release, net vehicle deliveries increased 39% over the previous quarter to 47,000 vehicles. In 2016, Tesla’s deliveries were 27,150.
The number of buyers for the Model 3, the company’s newest production model, has been increasing. Since it went on sale on Friday, Tesla has delivered about 2,500 Model 3 cars, along with 2,425 lower-cost Model S sedans.
Telsa says that the tax credit, which is currently at $7,500 per car, will continue to be available for car owners and could be worth up to $7,500 more for customers that buy a Model 3 during the fourth quarter of this year.
The company released its earnings report one day after car troubles led to a delay in the unveiling of a new Roadster sports car.