Tesla posts back-to-back profits for the first time

Tesla made a $139 million profit in the fourth quarter of 2018, the first time the electric automaker has ever posted back-to-back profitable quarters in its 15-year history. It was also Tesla’s fourth profitable quarter ever, according to an investor letter published Wednesday. Tesla generated $7.2 billion in revenue in the quarter, a record for the company.

Total revenue for 2018 was $21.4 billion — another record for the company, though Tesla still posted a $1 billion loss across the year. Tesla remains short of CEO Elon Musk’s ultimate goal of generating a full-year profit, but has been clawing back its losses and finished the year with $3.7 billion in cash. Last year, the company lost $2 billion. Musk and CFO Deepak Ahuja wrote in...

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