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Tesla posts smaller fourth quarter profit than previous quarter

Tesla posts smaller fourth quarter profit than previous quarter
FILE PHOTO: A 2018 Tesla Model 3 electric vehicle is shown in this photo illustration taken in Cardiff, California, U.S., June 1, 2018. REUTERS/Mike Blake/File Photo   -   Copyright  Mike Blake(Reuters)
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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 $139.5 million (£106.8 million) in the three months ended Dec. 31, compared with a $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.

(Reporting by Sonam Rai in Bengaluru and Alexandria Sage in San Francisco; Editing by Bernard Orr)

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