Strong results and ambitious targets were good news for investors in high-flying stocks, which have gained more than 400% so far this year. Shares of Tesla (TSLA) Hours later in the earnings report the trade climbed once again.
Due to the Kovid-19 epidemic given by local health officials, it was suspected that Tamela would be able to achieve its target of delivering 500,000 cars to consumers this year. It has delivered 319,000 cars in the first three quarters of this year.
Tesla reported net revenues of $ 74 million, excluding special items, which are 156% higher than what it was based on a year ago and nearly doubled its second-quarter profit. Analysts are forecasting earnings of 3 3,593 million.
Including special items, net income increased to est 331 million. That was three times its second-quarter earnings, which were released when it was coming out of a temporary lockdown of its plant.
Revenue was 8 8.8 billion a year earlier, up 39%. And the cash flow trip is three times more than 1.4 billion. Between the cash generated by operations and the money raised in recent stock sales, the once cash-starved company increased its quarterly hand%% in just three months.5 1.5. ended up with billions of dollars in cash.
“We must have sufficient liquidity to fund our production roadmap, long-term capacity expansion plans and other costs,” the company said in a statement.
Tesla said it recently upgraded its Fremont assembly line to where it makes the Dell Y, its low-cost SUV. It said it now has the capacity to build 500,000 Model Y and Model 3 sedans a year, in addition to its 90,000 more expensive Model S and Model X versions.
In addition, the company’s Model 3 has a capacity of 250,000 at its new Shanghai plant, and assembly lines are under construction to build Model Y in Shanghai, Berlin and Texas.
The company expects the Model Y to be its best-selling vehicle and has set sales targets that will make it any type of US SUV – gas or electric.