EbeneMagazine – CA – Tesla shares take off after beaten quarterly revenue and record deliveries


Tesla Inc on Wednesday reported fifth consecutive quarterly profit on record revenue of $ 8 billion, driven by higher vehicle deliveries and sales of environmental regulatory credits to other automakers

The electric car maker has also affirmed its goal of delivering half a million vehicles by the end of this year, a target that will require it to dramatically increase vehicle sales in the fourth quarter

Shares rose 43 percent to US $ 44081 in extended trade as the automaker beat analyst estimates for third quarter revenue

Tesla said it has installed the capacity to produce and deliver 500,000 vehicles this year, but added that meeting its target has become more difficult

« Achieving this target depends primarily on the quarter-over-quarter increase in production of the Model Y and Shanghai, » the company said.

Earlier this month, Tesla said it delivered 139,300 vehicles in the third quarter, a quarterly record for the electric car maker, but some analysts have questioned whether the company can meet its ambitious end-of-year goal. ‘year

Tesla defied the downtrend in the auto industry as a whole in 2020 and weathered a pandemic and economic upheaval with stable sales and profitable quarters, pushing stocks up by around 400% this year

The company has seen a meteoric rise under the leadership of CEO Elon Musk, who tends to be outspoken and at times unconventional At $ 394 billion, Tesla’s market cap is the largest of any automaker of the world, despite its trailing rivals in terms of sales, revenue and profit

Tesla’s rise underlines investor confidence in the future of electric vehicles and Tesla’s shift from a niche automaker to a global leader in clean cars

Revenue hit a record high of USD 877 billion from US $ 630 billion a year earlier Analysts expected revenue of USD 836 billion, according to IBES data from Refinitiv

Excluding items, Tesla reported earnings of 76 cents per share It reported net income of 331 million US dollars

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Tesla, Inc, Revenue, Stock, Thomson Reuters Corporation

EbeneMagazine – CA – Tesla shares take off after smashing quarterly revenue, record deliveries of vehicles

SOURCE: https://www.w24news.com



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