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Tesla's car deposits decreased during the third quarter, even though it posted a surprise profit (TSLA)

Tesla's car deposits decreased during the third quarter, even though it posted a surprise profit (TSLA)
Hollis Johnson/Business Insider



Tesla said vehicle deposits decreased slightly during the third quarter to $906 million.




The automaker received $942 million in deposits during the second quarter and $984 million during the first quarter.




Despite the decrease in deposits, Tesla beat Wall Street expectations by posting adjusted earnings of $2.90 per share on $6.8 billion in revenue.




Tesla said vehicle deposits decreased slightly during the third quarter to $906 million. The automaker received $942 million in deposits during the second quarter and $984 million during the first quarter.
Despite the decrease in deposits, Tesla beat Wall Street expectations by posting adjusted earnings of $2.90 per share on $6.8 billion in revenue. Analysts had expected adjusted earnings of -$0.15 per share on revenue of $6.315 billion. The automaker was also cash flow positive during the quarter, recording $881 million in free cash flow.
Tesla customers pay a $2,500 deposit when they order a Model S sedan, Model X SUV, or Model 3 sedan. The automaker suggested a backlog in Model 3 orders from prior quarters may have compensated for the fall in deposits. Tesla said the Model 3 led all US vehicles in sales, in terms of revenue, and placed fifth in sales by volume during the third quarter.
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