Finally in the black: Tesla has a good quarter

Enlarge / Tesla's new Model 3 car on display is seen on Friday, January 26, 2018, at the Tesla store in Washington, DC. (credit: Getty Images)

Tesla finally turned a profit, posting net income attributable to shareholders of approximately $311.5 million. The Q3 results come after many quarters of losses, and Tesla shares are up 12 percent in after-hours trading as of this writing.

The company's results are also closely tied to the success of the Tesla Model 3. Tesla struggled to achieve production goals early in the year, but it has largely made the production strides it has promised since Q1. In Q3, Tesla produced 4,300 Model 3 vehicles per week, culminating in a total of 83,500 vehicles throughout the whole quarter, with 56,065 being Model 3s, according to the company's shareholder letter.

The company also disclosed free cash flow of $881 million, dispelling fears that it might struggle to pay the roughly $900 million in debt that's slated to come due for Tesla early next year.

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