The US electric car manufacturerTeslahas been in the black for the fifth quarter in a row and has confirmed its ambitious annual targets. In the three months to the end of September, a net profit of 331 million dollars (279 million euros) was achieved, as the group of tech billionaire Elon Musk (49) announced on Wednesday after the US stock market closed in Palo Alto. Tesla increased its earnings by 131 percent compared to the same period last year.
Sales grew 39 percent to $ 8.8 billion, a new record. On the one hand, Tesla benefited from the sale of CO2 credits to other car manufacturers, who use them to offset their own emissions values for achieving CO2 targets. On the other hand, Tesla delivered in the reporting period with 139,300 cars, more vehicles than ever before in a quarter.
Tesla clearly exceeded expectations share responded after the trading session with a significant price increase of 4.3 percent. With the surprisingly strong quarterly figures, Tesla is expanding its series of successes – since it was founded in 2003, the company has never been profitable for such a long period.
On the stock exchange, Tesla has been the most valuable car company in the world for some time. The share price has risen by a good 400 percent since the beginning of the year, and by almost 730 percent in the past twelve months. Most recently, Tesla’s market value was $ 394 billion. This will become the e-car pioneer from the Silicon Valley traded more than three times as high as the two largest US manufacturers in terms of market share despite much lower sales figures General Motorsand fordtogether. Tesla is also miles ahead of the German car companies in terms of market value.
So far 320,000 cars have been delivered
Elon Musk reaffirmed the presentation of the quarterly figures, despite the burdens Corona crisis to hold on to the ambitious plan to deliver half a million vehicles this year. In the first three quarters, almost 320,000 cars were brought to customers, so sales should increase significantly in the fourth quarter. Achieving the annual target of 500,000 deliveries, however, has become more difficult, admitted Tesla in the annual report with a view to the corona pandemic.
For Tesla’s dazzling company boss Musk, who also runs the SpaceX rocket company and many other projects, the soaring is a triumph. For years his company was in the red and the future seemed uncertain. Now Tesla has even set a record for operating profit – although the car market as a whole is groaning under the Corona crisis. “The third quarter was the best in our history,” said Musk on a conference call with financial analysts after presenting the financial report.
Meanwhile, Tesla is continuing to vigorously push ahead with its international expansion, and production at the Chinese plant in Shanghai is to be ramped up quickly. In addition, the construction of the first European factory in Grünheide near Berlin is progressing rapidly, it said. Tesla plans to produce and deliver the first cars here as early as next year. In addition, the group wants to quickly pull up another car plant in Austin, Texas, where the compact SUV Model Y and the planned cybertruck will roll off the assembly line.