Tesla Motors delivered on CEO Elon Musk's promise to make money during its latest quarter after fulfilling his pledge to boost production of its first electric car designed for the mass market. The company earned $311.5 million during the three months ending in September, swinging from a loss of $619 million at the same time last year. It's only the third time that Tesla has posted a quarterly profit in its eight-year history as a public company and the first time in two years, the AP reports. A big jump in Tesla's output of its mass-market Model 3 car powered the breakthrough. The manufacturing increase and moneymaking quarter are two things that Musk promised would happen in early August.
Revenue more than doubled from last year to $6.8 billion to easily top analyst estimates, just as the profit did. Tesla's stock soared 13% to $326.12 after the numbers came out. In a conference call with analysts late Wednesday, Musk predicted Tesla would remain profitable from this point onward. "This quarter was an important step toward that," Musk said after getting choked up talking about the support that Tesla's customers have shown the company. "I am incredibly excited about what lies ahead." For Tesla, turning a profit was not its only notable achievement in the third quarter; it also stopped burning through its cash. The company generated positive cash flow of $1.4 billion in the third quarter, compared to a negative $301 million at the same time last year. (The company may also be getting into the booze business.)