Tesla reported a profit on both an adjusted and non-adjusted basis. The quarterly profit is the company’s first in more than three years.
The electric-car maker reported Q3 GAAP net income of $22 million on total Q3 GAAP revenue of $2.30 billion, which was up 145% from Q3 2015.
Total Q3 automotive revenue was $2.15 billion on a GAAP basis, up 152% from Q3 2015. On an adjusted basis, Tesla earned $111 million.
Tesla’s results were lifted by $139 million in sales of California zero emission vehicle credits.
Tesla delivered 24,821 of its Model S sedans and Model X sport-utility vehicles combined, more than double the year-ago figure. About a third of the vehicles are being leased, instead of sold outright.
The company says that because of the strong quarter, Tesla is still on track to deliver 50,000 cars in the second half of this year, and close to 80,000 cars for the full year.