“Operating expenses are at the lowest level since Model 3 production started,” Tesla said in a statement. This was possible by removing substantial cost from our business.”Tesla shares climbed as much as 20% to $306 in after-hours trading. The company is also ahead of schedule with Model Y, the small crossover that will share underpinnings with Model 3. Tesla’s gross margin in the third quarter was 22.8%, down from a year earlier but a 3.9-percentage point improvement from the second quarter. “By releasing Smart Summon on the last weekend of the quarter, Musk was able to realize some of that deferred revenue.”Hull writes for Bloomberg.

Source: Los Angeles Times October 23, 2019 22:41 UTC