Tesla Shatters Records in its Fifth Consecutive Profit Quarter
The electric vehicle brand had a turnover of 8.7 billion dollars in the third quarter, with a 218% increase in its net profit compared to 2019.
Tesla has subscribed to the good results. With the data presented today at the close of Wall Street, there are already five consecutive quarters in which the electric vehicle company makes profits, the best streak in its 17-year history. Much of the blame lies with a new three-month vehicle delivery record of 139,300, with a 42% increase in profits in that chapter over last year. The after-hours market celebrated the strength of the company led by Elon Musk with up to 3.5% appreciation of its titles.
The pandemic has not been able to stop the excellent streak that the world leader of electric cars is going through. Its $ 8,771 million in revenue in the third quarter is a new mark, exceeding the result obtained in the same period of 2019 by 45%. The $ 331 million in net profit is also a record. The improvement compared to 2019 is 218%.
“The third quarter of 2020 was a record quarter on many levels,” the company noted in its report to investors. “Over the past four quarters, we generated more than $ 1.9 billion in cash flow while investing $ 2.4 billion in increasing production capacity, service centers, supercharging locations and other capital investments.”
Part of that investment has gone to its new factories in Austin, Texas, where the Cybertruck pickup will be produced on a large scale, and Brandenburg, Germany, as a large distribution center for the European market. Less has been the expense in Shanghai, where they are close to reaching the goal set for the Model 3 by 2020. Currently, 250,000 are manufactured a year.
In terms of production, the acceleration has also been great. The third quarter ended with 145,036 models manufactured, an improvement of 76% compared to 2019 and 40,145 more than the previous best brand, from December 2019.
The Model 3 remains the flagship product, by far. Of the total, 128,044 correspond to that model – combined with the production of the new Tesla Y in their report – compared to 16,992 for the Model S and X. And if nothing prevents them, they will reach one million vehicles manufactured per year in a few months after having increased the pace at the Fremont, California plant, its main engine in that regard. The total capacity is currently 590,000 units per year, which, added to the 250,000 in China, places them at 840,000. Another record.
Shatters Records in its Fifth Consecutive Profit Quarter - /10