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In August of that year, Musk said he was confident Tesla would be able to produce 1,500 Model 3s in the third quarter, and reach a run rate of 5,000 a week by the end of the year.

For the same period a year ago the company reported a loss of $619 million.

"When we started the Model 3 production ramp, we were transparent about how hard it would be", the representative continued.

The result is a victory for chief executive Elon Musk, who had promised a profit to investors earlier this year.

The electric vehicle maker also said its Q3 revenues climbed 70.5% to hit $6.82 billion, up from $4 billion in the second quarter and more than double the $2.98 billion reported in the same period a year earlier.

Tesla's stock soared 13 percent to $326.12 after the numbers came out.

Elon Musk on Wednesday said that Tesla is "obviously" making moves for its own rideshare service that would compete with companies like Uber and Lyft. "I am incredibly excited about what lies ahead".

That capped a week in which the shares jumped 27 per cent, helped by strong third-quarter financial results.

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Tesla shares hit a record in August but sank back as Musk was sued by short-sellers and U.S. regulators for tweeting, and then swiftly abandoning, a plan to take the company private.

CEO Elon Musk will sabotage his own goals for the electric auto maker if he takes it private, said ARK Invest CEO Cathie Wood, who predicted Tesla stock could reach $4,000 per share.

In addition to both Musk and Tesla agreeing to pay a combined $US40 ($56) million, Musk was also required to step down as Tesla's chairman for at least three years. In the presentation, Musk mentioned that Tesla would definitely be offering the service in future, which will likely be competing with Lyft and Uber.

"Tesla has a lot of upside", Ellison said, according to Bloomberg.

Over time, economies of scale will make battery-pack assemblies even cheaper and improve Tesla's profitability, Kallo predicted. Model 3 gross margins of 20 percent exceeded expectations, as did lower research and development and selling, general and administrative expenses.

Tesla scheduled its earnings release earlier in the calendar than usual, most likely because it is expecting to report a profit, Mainstay Capital Management strategist David Kudla said.

Ellison's net worth is estimated to be around $59 billion.

For Tesla, turning a profit was not its only notable achievement in the third quarter; it also stopped burning through its cash. First, they will begin shipping to Europe in the first quarter of next year, where the demand for midsize vehicles - electric or otherwise - is much larger than the U.S. Shortening the time cars are in transit so that revenue can hit the books more quickly would shorten its cash conversion cycle, boosting cash flow.