Tesla Reports a $312 Million Net Profit

Tesla Inc. generated a net income of $312 million in the third quarter as revenue from automotive operations soared 82% to a record-high $6.1 billion.

It was the company’s third profitable quarter since it was founded in 2003 and began building electric cars a decade ago.

Tesla reports it has finally “stabilized” production of its Model 3 electric sedan, which was introduced a year ago. The company averaged output of more than 4,000 units per week in July-September. Deliveries of Model 3s in the U.S. during the period topped 56,000 units, thereby outselling all other models except the Toyota Camry, Honda Civic, Honda Accord and Toyota Corolla.

Tesla says it managed in the third quarter to slash labor hours for the Model 3 by more than 30%, increase its cash from $2.2 billion to $3 billion and generate free cash flow of $881 million.

Overall retail sales in the third quarter, which include its Model S and Model X electrics, totaled nearly 70,000 units in the U.S. and 14,000 vehicles overseas.