Tesla reports smaller Q4 profit than previous quarter

A Tesla Model S.Christophe Ena/AP Photo file

Tesla Inc on Wednesday reported a smaller fourth-quarter profit compared with the previous three months and said Model 3 production volume in California should reach 7,000 units per week by the end of the year.

The Silicon Valley electric carmaker said it made a net profit of US$139.5 million in the three months ended Dec. 31, compared with a US$311.5 million profit in the third quarter, when it benefited from regulatory credits.

Tesla also said its optimistic target was to achieve a very small GAAP net income in the first quarter.

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