Tesla is one of the biggest EV makers out there. And this shows in their revenue, profits, deliveries made and innovation in tech. Now, as Tesla recorded a fifth consecutive quarterly profit, it set a new record and hit a revenue of $8.8 Billion. The increase in revenue was also due to the sales of environmental regulatory credits to other car manufacturers.
Tesla’s increase in deliveries
Tesla has shown consistent growth in the number of deliveries it makes per quarter. Though the COVID-19 did put a little pause to this growth, it is essential to note that Tesla has made up for that in Q3, 2020. They delivered a total of 139,300 vehicles in the most recent quarter of 2020 with a growth of 43% from the same period last year.
The total vehicles made by the company in quarter 3 was 145,036, about a 50% increase from the last quarter. And a 75% increase from last year. According to the reports by Techcrunch, the deliveries of Model 3 and Model Y were around 90% of the total amount. While the remaining were the Model S and Model X.
Future Targets of the company
Tesla aims to increase its car deliveries even further and make at least 500,000 deliveries by the end of the year. The increase in production in the Shangai region will help them achieve this number the company said. Tesla even answered an analyst question saying that it aims to reach around 1 million deliveries in next year.
Despite the downtrend in the auto industry, Tesla has increased its deliveries by a large extent. And at the same time managed to stay profitable. At present Tesla has the largest market cap among global automakers at $394.5 billion. Tesla is even planning to launch the full self-driving mode soon.
Tesla’s revenue has increased from $6.30 billion a year back to $8.77 billion. The increase in revenue was more than expected as the predicted value was $8.36 billion. Tesla’s profit can also be dedicated to the sale of environmental regulatory credits that actually made the quarter profitable. Their plants are slowly hitting maximum production capacities, and this record-high revenue is only going to increase from here on.
I am really optimistic about Tesla’s achievements in the future. What are your thoughts on the new record made by Tesla? Do let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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