Despite a difficult year for many companies, Tesla continues its momentum and has an excellent third quarter of 2020 with sales up 39% year over year. “The third quarter was the best in our history! Elon Musk even exclaimed.
+ 131% compared to the previous year
Indeed, this is the fifth straight quarter that the company has been profitable, a sign that it is booming. After an excellent first and second quarters of 2020 and a booming Chinese market, Tesla posted net income of USD 331 million in the period July-August-September (+ 131% compared to the third quarter of 2019). Overall, Elon Musk earned $ 8.77 billion compared to $ 6.3 billion in the same period last year.
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Unsurprisingly, the company’s automotive activity brings in the most, with sales of € 7.6 billion, or 91% of its total sales. Tesla vehicle deliveries rose 44% in the third quarter, while US auto sales, badly hit by the Covid-19 pandemic, declined 9.7%.
The company’s operating expenses are also 33% higher than last quarter to $ 1.25 billion. This is partly due to the construction of two new factories in Germany and Austin, Texas. Elon Musk made it clear that the latter should start producing vehicles as early as next year, although their activities will start gradually.
Goal: Delivery of 500,000 vehicles in 2020
Tesla also claims to have produced 145,036 vehicles in the third quarter (+ 44% year over year) and delivered 139,593 of them. In total, the company delivered more than 319,000 cars in 2020 and plans to exceed the symbolic limit of 500,000 vehicles by the end of the year. To achieve this goal, the manufacturer has to produce 181,000 units in the fourth quarter.
Elon Musk made it clear that delivery of the Cybertruck, Tesla’s futuristic vehicle, should begin in late 2021, if everything goes as planned. Finally, the billionaire announced the news of his fleet of robot axes, which was originally planned for the end of this year: “We start very slowly and proceed with great caution because the world is complex and chaotic. Of course, as the system collects more data it becomes more robust. “It therefore appears that the deadline for making this device available has not been met.