Electric car making company Tesla Inc. has always fascinated its customers and investors with its amazing results and yesterday company did that thing again. Recently Tesla released its fourth-quarter earnings report which shows that it managed to earn a steady net income of $139 million which is a fascinating thing. If we looked into Tesla’s financial statements, then it shows that company successfully managed to increase its cash reserves by $718 million which they later could use to pay off their debt. However, this is the first time in company’s history that it has given profit for two consecutive quarters and it seems like Elon Musk is managing electric car making company correctly. Now company has more than 4.2 billion dollars of cash reserves with itself, but Elon Musk had said that they are going to use most of their cash to pay off debt worth of $920 million and will be using rest to produce model 3 electric cars.
Many car experts have considered Tesla’s Model 3 as one of the most successful electric cars in 2018, and that’s why now Tesla has decided to increase production of Model 3 and upcoming new electric vehicles. There are have been a time where it was clear that company might not survive for a much more extended period, but it had proved everyone wrong, and it seems like despite being in so many controversies Elon Musk successfully led Tesla to this position.
Tesla’s market share in electric battery based car industry is more than 77% which shows that Tesla is not only making a massive amount of sales but also its dominating this industry too. Elon Musk said that he is optimistic about upcoming quarters results and he thinks company is on right track, and they will be able to continue this success in future also.