EbeneMagazine – US – Tesla sets revenue record and earns profits from sales of pollution credits to competitors


(Reuters) – Tesla Inc on Wednesday reported its fifth consecutive quarterly profit with record revenue of $ 8 billion, boosted by higher vehicle deliveries and sales of environmental regulatory credits to d ‘other car manufacturers

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 22% to $ 43188 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 broader auto industry 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 in the world. world, despite its trailing rivals in terms of sales, revenue and profit

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

But Craig Irwin, analyst at Roth Capital Partners, warned that Tesla’s lead could soon decline

« The company is still hugely appreciated, as if it was operating in a vacuum, but the competitors are working hard to catch up, » he said « More than 400 (models of) electric vehicles on the road by the end of 2024 means there is real competition that will have an impact »

General Motors Co on Wednesday unveiled an electric version of its Hummer pickup truck that will have a range of 350 miles (360 km) and will rival Tesla’s futuristic Cybertruck, which is slated to go into production next year

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

Excluding items, Tesla made profit of 76 cents per share It reported net income of $ 331 million, or $ 874 million excluding stock-based compensation awards granted to Musk

During the months of July to September, revenue from the sale of regulatory credits amounted to $ 397 million, or 5% of Tesla’s overall automotive revenue

So far this year, regulatory credits represent USD 1.18 billion, or 7% of total automotive revenue

Pollution credits became a more significant source of revenue for Tesla about a year ago when California and a dozen other US states began increasing the mandatory share of zero-emission vehicles per manufacturer sold in their states

But that revenue is set to dry up as Tesla’s competitors start selling more electric vehicle models

With the slow recovery in the United States and Europe grappling with a second episode of the virus outbreak, some analysts have placed their hopes for Tesla on growth in China, which then began to recover. that consumers get rid of the effects of the pandemic

Tesla does not break down regional sales, but data from the Chinese auto industry association, CAIPR, shows sales of the Tesla Model 3 sedan remained roughly flat from July to September In total, Tesla sold around 34,100 Shanghai-made Model 3s in the third quarter

Tesla said on Wednesday that Model 3 production at its Shanghai plant had increased to 250,000 vehicles per year, its target production rate

He said that Model Y production in Shanghai had increased to 250,000 vehicles per year, his target rate

Its main plant in Fremont, California has a capacity of 590,000 vehicles, including the Model Y

The automaker said it will focus on improving manufacturing costs and efficiency at its California and Shanghai factories and added that it is increasing capacity as quickly as possible to meet Requirement

The company is building additional vehicle and battery factories in Berlin, Germany, and Austin, Texas, to ramp up production of existing vehicles and launch new models, including its Cybertruck and semi-trailer

Report by Akanksha Rana in Bengaluru and Tina Bellon in New York; Editing by Bernard Orr and Matthew Lewis

All quotes have been delayed by at least 15 minutes See here for a full list of exchanges and delays

Tesla, Inc, Profits, NASDAQ: TSLA, Stock

EbeneMagazine – US – Tesla sets revenue record and profits from sales of pollution credits to its competitors

SOURCE: https://www.w24news.com/news/ebenemagazine-us-tesla-sets-revenue-record-and-earns-profits-from-sales-of-pollution-credits-to-competitors/?remotepost=448458


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