Focus on few, higher-priced models puts EV maker in lead on net earnings
A Model Y electric vehicle at a Tesla Gigafactory in Germany. The company has focused solely on EVs at the upper end of the market. © Reuters
KAZUHIRO NOGUCHI, Nikkei staff writer | Japan
NAGOYA -- Tesla earned eight times as much profit per vehicle as Toyota Motor in the July-September quarter despite being outsold more than 7to 1, a Nikkei analysis shows, putting the American electric-vehicle maker ahead in quarterly net profit for the first time since going public in 2010.
Tesla reported a $3.29 billion net profit in that quarter. Toyota earned 434.2 billion yen -- the equivalent of $3.15 billion based on the average exchange rate for the period of 138 yen to the dollar.
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