Author Topic: Tesla reports third quarter earnings, $ 331 million profit  (Read 647 times)

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Offline marila

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Tesla reports third quarter earnings, $ 331 million profit
« on: October 24, 2020, 06:40:01 PM »
Tesla reports third quarter earnings $ 331 million, five consecutive quarters of profit




Dec. 21, US electric car maker Tesla. It announced third-quarter 2020 results with a profit of $ 331 million, the fifth straight quarter of profitability. And the profit in the third quarter of this year is two times slotxo more than that of Q3 2019, indicating that the company is growing steadily.

Tesla earned $ 8,771 million in Q3, more than the Wall Street forecast of $ 8.280 million.Tesla's revenues came from $ 7,611 million in total car sales, sales from its power generation and storage business. $ 579 million (with a cost of $ 558 million, a profit of $ 21 million) and a service income of $ 581 million.

Tesla also earned $ 397 million in revenue from the sale of the Environmental Regulation Credit to other automakers, which, without the help of this revenue, could render Tesla unprofitable and more importantly, lower. From the second quarter of $ 428 million

The regulatory credit arises from the California's Zero Emissions Vehicle Program that requires automakers to sell electric vehicles in proportion to their sales. If credit or score is insufficient, a fine is required Unless these manufacturers buy credit from other companies and 10 other states in the US apply the same rules, Tesla earns from selling these credits. But when competitors start to produce more electric cars Therefore, Tesla's revenue will drop.

Tesla was able to deliver 139,300 vehicles in Q3, between 120,000 and 134,000 more than the estimate, and 112,000 more than the previous record in Q4 2019.

In January, Tesla announced a target to produce 500,000 electric vehicles, and on October 7, Tesla CEO Elon Musk received an email telling employees that Tesla has a chance to produce half a million vehicles this year. While the company has now delivered just 318,350 cars, that means that in Q4, Tesla will have to deliver 181,650 vehicles.

Tesla was able to produce 145,036 vehicles in Q3, more than in Q2, 82,272 units, as the plant was shut down for seven weeks due to the COVID-19 outbreak.It was also able to produce more than in Q4. In 2019, the production record was set for 104,891 vehicles.

Late last week, it was discovered that Tesla had removed its 7-day return policy from the date of pick-up to allow customers to get a 7-day return for a refund, and a few days earlier, Tesla changed the warranty. Cars from 4 years or 50,000 miles to just a year or 10,000 miles, which has been noted that Tesla may be looking to cut costs down.

However, at the beginning of next year, we will continue to cheer on whether Tesla will be able to achieve a target of 500,000 vehicles and achieve profitability in Q4 2020 for six consecutive quarters[/size]