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Elon Musk Has The Pie To Throw At Wall Street’s Face With Strong Tesla Profit

Wall Street has been throwing shade at Tesla Motors and its CEO Elon Musk since the start of the year. In response, Musk wanted to “throw a pie” at the faces of his detractors with a strong performance. It seems the Tesla CEO is going to get his wish by landing on the black for this quarter.

In an email obtained by Bloomberg last August, it detailed how Musk pushed workers to make some vital cuts in expenses, as well as to meet their goals in terms of car delivery. Part of the reason for why he wanted to do this also hinged on Musk’s desires to prove the naysayers wrong on their low-profit estimates.

Musk got his wish in the $139 million in sales that Tesla made for the quarter with fully electric vehicles. According to the company, they might not even need to raise money for this quarter in order to keep producing cars.

The strong profit performance also gave the company’s stock prices a shot in the arm, which resulted in a 4 percent boost. This is a powerful reminder of Tesla’s ability to make a comeback despite the 16 percent drop that it suffered in shares throughout the year.

Musk paints a bright future for investors as well during a conference call he had with analysts, Forbes reports. Considering the $176 million cash flow that Tesla has right now and the 14 cents per share earnings, the CEO is definitely riding high right now.

“We were able to have our best quarter ever and achieve GAAP profitability and are headed for our best fourth quarter,” he said. “It’s one of the best moments ever for Tesla.”

Production of Model S and Model X sedans are up 92 percent compared to the previous year as well, at 25,185 units. If Tesla can hold out until the additional factory to produce Model 3 vehicles and the Gigafactory in Nevada is finished, the company could be looking at an even better performance in the future.

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