Tesla makes first profit, Musk says no new capital needed for Model 3

Tesla Motors reported its first quarterly net profit in more than three years on Wednesday, buoyed by nearly $139 million in sales of clean car credits, and Chief Executive Elon Musk said the company could turn a profit again in the fourth quarter.

The electric carmaker also signaled it has substantially reduced the costs for launching production of its high volume Model 3 sedan next year. Musk told analysts the company's current plan "does not require any capital raise for the Model 3 at all."

The tech billionaire said Tesla could still raise capital to "account for uncertainty ... and de-risk the business," however.