Tesla's Elon Musk released the results for the third quarter of 2020 on Wednesday. The stock rose almost 5% on Thursday as the company exceeded the expectations of EPS and for the fifth consecutive quarter managed to have high profits.
Here is Tesla's performance against analysts' expectations:
- Earnings per share (adjusted): 76 cents instead of 57 cents, per Refinitiv
- Revenue: $ 8,77 billion instead of $ 8,36 billion, per Refinitiv
- Net Income (GAAP): $ 331 million instead of $ 394 million, per Refinitiv
The company has already reported delivering 139.300 vehicles during the quarter, a new record for Tesla.
Car revenue was $ 7,6 billion, about 91% of the total for the quarter. Tesla earned $ 397 million in "regulatory credits" during the quarter, nearly doubling the amount it made from these "green" credits year after year.
Operating expenses rose 33% from $ 1,25 billion in the previous quarter as Tesla began building new plants in Austin, Texas, and Brandenburg, Texas. Germany, including.
Musk talked about the production schedules of these factories. "I must point out that for Berlin and Austin, we expect to start delivering cars from these factories next year, but due to its exponential nature startup of production plants, especially one with new ones technology, we will start very slowly at the beginning and then we will accelerate. "
Warn investors that it will take 12 to 24 months even to reach the highest level productivity in these new factories after its launch operation their. Tesla had planned to start production at the Berlin plant in July 2021.
When asked about Cybertruck, Musk said he expects some deliveries of the vehicle to begin by the end of 2021 "if things go well".
Cybertruck was unveiled on November 21, 2019. Musk boasts that Tesla has received hundreds of thousands of pre-orders for the vehicle shortly after its debut.
At the annual meeting of Tesla shareholders for 2020 and its presentation battery In September, Musk said vehicle deliveries in 2020 would increase by 30% to 40% compared to last year, indicating that a total of 477.750 up to 514.500 deliveries will be made.
CFO Zachary Kirkhorn said Wednesday that Tesla now aims to reach 500.000 deliveries by 2020.
Kirkhorn said that in 2021 and 2022, Tesla intends to spend much more than it had anticipated - at least $ 2,5 billion in new factories.