Tesla beats analysts with another profit, despite pandemic

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Tesla shareholders were disappointed last quarter when Tesla was not included in the S&P 500, despite 4 quarters of profit.

Maybe the company will have another chance, after managing to more than scrape a significant profit on Q3 2020.

Tesla managed to generate $331 million profit on $8.771 billion in revenue, helped in part by the sale of $397 million worth of regulatory credits in the quarter.

Analysts had only expected around $240 million in profit.

The company also diversified from car sales with $579 million in energy storage sales $581 million in services revenue.

Tesla earlier announced that it shipped 139,300 vehicles in Q3, itself a record number and managed to manufacturer 145,036 vehicles. Tesla is still aiming to sell half a million cars in 2020, meaning an even bigger push is needed in Q4 2020. So far Tesla produced 318,350 vehicles, meaning they need 181,650 deliveries to hit their target. Increasing production at its Chinese plant may allow the company to do just that, however.

Tesla’s share price was up 3% in after-hours trading on the news.

The full results can be seen below, courtesy of Electrek:

via the verge

More about the topics: earnings, elon musk, q3 2020, Tesla