Tesla made a profit at the end of 2018; Model Y will arrive by the end of 2020 -Cars Automobiles

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2019 Tesla Model 3 performance

2019 Tesla Model 3 performance

Tesla reported a profit of $ 139 million for the last quarter of 2018, less than the quarterly profit of $ 311 million, but ended in nearly $ 1 billion in 2018, the automaker told investors ,

"Last year was the most challenging year in Tesla's history, but also the most successful," said Tesla CEO Elon Musk.

Sales in 2018 almost doubled year-on-year. This is due to the deliveries of Model 3 in the US. The Tesla Model 3 sold well in luxury cars, making it one of last year's best-selling luxury sedans.

Tesla reported that Model 3 shipments worldwide, including Europe and Asia, would continue to increase, while US shipments could decline slightly in the first three months of 2019. In March, the company had a $ 920 million debt payment, but the company had just under $ 3.7 million in cash available and said it could "conveniently" pay.

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Musk told investors that he was cautiously optimistic that the automaker could make a profit in the first three months of 2019 and then make a profit every quarter. Fourth-quarter earnings were the first time that the company had a quarterly earnings in a row in its history.

A new Gigafactory in Shanghai is expected to produce up to 3,000 Type 3 models per week by the middle of the year. Tesla says that both the factory and existing Fremont plant could produce up to 10,000 Type 3 models a week.

"The factory will run like a flash," Musk said.

Musk told investors that the Model 3 Standard Range can be up for sale by the summer and demand for the car is strong, although it's not affordable for all shoppers. Musk hinted that the company may begin leasing Model 3 sometime in 2019.

By the end of 2020, Tesla will start building its small crossover model Y, most likely at the Gigafactory in Nevada.

Tesla said that when its factory in China starts building cars, it expects the Model 3 production to cost half of Fremont's production. It is expected that the production of model Y will cost even less.

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Delivering vehicles is still a hurdle, Tesla said. Over the past year, the automaker's logistical problems have resulted in many Model 3s waiting for delivery to inflate the automaker's claims to reach 5,000 Model 3s a week. Critics claimed that unfinished cars were counted by Tesla for this purpose and that cars built in a tent at their factory in Fremont were faulty.

Tesla did not appeal to these critics, but said it would develop its own distribution network in 2019.

Tesla said production costs fell 65 percent in 2018 and 20 percent in the fourth quarter compared to the third quarter of 2018.

(This story is being updated.)

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