World News – US – Tesla posts most profitable quarter of all time as it beats analyst estimates

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Tesla posted its fifth consecutive profitable quarter on Wednesday, putting the electric automaker on track to achieve its first-ever annual profit this year

The company said it earned adjusted $ 076 per share for the three months ended Sept. 31, out of $ 877 billion in revenue Wall Street analysts polled by Bloomberg expected $ 0.55 in earnings per share over $ 8 26 billion in revenue

The company’s stock price rose about 3% late in the day after the release Shares have climbed nearly 400% this year as investors clamor for a share of Tesla’s growth

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« We continue to see growing interest in our cars, storage and solar products and remain focused on profitability while increasing capacity as quickly as possible, » the company said in a press release

Tesla also revealed that it made $ 397 million selling regulatory tax credits to other automakers.These sales have increased in recent years and represent a significant percentage of the company’s profit margins

Solar power and storage, much of Tesla’s recent presentation to investors on its September « Battery Day », also saw significant quarterly gains The company said it has deployed 57 MW of solar generating equipment, a 33% increase over the previous year Energy storage packs saw an even greater increase of 59% year over year to reach 759 MWh

In a conference call with investors and analysts later Wednesday, Musk and other executives will likely be asked about their plans to reach 500,000 shipments this year In September, Tesla announced that it had sold 139.00 cars in the third quarter.To meet the half-million target it reaffirmed on Wednesday, the company will need to deliver 181,000 in the last three months of the year – a 30% gain compared to the third quarter

« Although achieving this target has become more difficult, delivering half a million vehicles in 2020 remains our target, » Tesla said. « Achieving this target depends primarily on a quarterly increase to the other from the production of the Model Y and Shanghai, as well as further improvements in logistics and delivery efficiency at higher volume levels »

It will have to find that growth in the face of an increasingly crowded electric vehicle market Volkswagen has revealed its intention to sell a mainstream electric vehicle with a slightly shorter range than Tesla’s Model 3 at a cheaper price and in the luxury segment, a large number of battery-powered sports cars and high-performance SUVs are expected to hit the market in the coming years, providing new options for green consumers with money to spend

Tesla, Inc, Electric Vehicle, Profits