Tesla Posts Profit for First Time in Three Years, Sending Shares Up

Tesla has returned to profitability for the first time in three years. After shares fell 16% through the year, the company’s latest quarterly earnings report sent the stock back up 4%.

The company generated $139 million in sales of California zero emission vehicle credits, which are a much higher profit margin business than automobiles. Tesla earned $22 million in profit, up from a $230 million loss a year ago.

Revenue doubled to $2.3 billion, and Tesla has $3 billion in cash and cash-equivalents.

Tesla says that all of its vehicles produced moving forward will include the hardware necessary for fully autonomous driving with safety levels greater than human drivers.

All Future Teslas Will Be Capable of Fully Autonomous Driving, Says Elon Musk