Tesla Q3 2018 Vehicle Production and Deliveries Nasdaq:TSLA

Tesla Q3 2018 Vehicle Production and Deliveries Nasdaq:TSLA

Tesla Q3 2018 Vehicle Production and Deliveries Nasdaq:TSLA

Elon Musk may be starting to put those take-private tweets behind him, but his fortune will need more time to recover.

These latest results from Tesla are exclusively limited to vehicle production numbers, so we can't yet say if the company has kept its promise from Q2 2018 to be cashflow positive. The agency initially sought to bar him from serving as an officer or director, a pursuit that would have overshadowed the progress the company has made in manufacturing more vehicles.

In a September 30 email, filed with the SEC on Monday, Musk said the electric vehicle maker is nearly there.

The electric auto maker's shares sank last week after the US Securities and Exchange Commission accused Musk of securities fraud, opening up the prospect of a long fight that could have seen Tesla lose its leader, and undermined its ability to raise capital and increase production.

Musk said in an email to employees on Saturday the company was "very close to achieving profitability" but for that it has to stabilize a brutal ramp-up in output whose targets it has consistently struggled to meet.

After rattling investors via a series of tweets regarding the privatization of Tesla, the embattled CEO has agreed to step down from his position as chairman of the company. "If we go all out tomorrow, we will achieve an epic victory beyond all expectations". He settled fraud charges brought by the Securities and Exchange Commission last week by agreeing to pay US$20 million and step down as chairman.

The company's shares were up almost 2 percent $316.79 in trading before the bell. Tesla has racked up deep losses, announcing in August a record $717.5 million net loss for the previous quarter.

The company has been under mounting pressure to stop burning through cash with a big chunk of its more than $10 billion in debt coming due by March. During those three months, it built a total of 80,142 electric vehicles, of which 53,239 were the somewhat more affordable Model 3. Although it successfully reached its production goals for the third quarter, getting those vehicles into the hands of consumers has proven to be a headache.

But customers have been complaining that their Tesla delivery dates have been delayed over and over while vehicles sit unmoved in lots.

On Tuesday morning, Tesla released its production and delivery results for Q3 2018. "Should be solved shortly".

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