Tesla Posts Fifth Consecutive Quarter Of Profits, Global Sales Up 44 Percent

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Tesla has posted its fifth straight quarter of profitability and created a record number of deliveries.

In the third quarter of 2020, the automobile manufacturer generated $8.771 billion in annual revenue, thanks in part to $579 million in electricity storage earnings and $581 million in services revenue. Furthermore, Tesla sold $397 million worth of credits to other car manufacturers during the quarter. All up, it produced a profit of $331 million.

See Also: Elon Musk Slashes Tesla Model S Price Twice In A Week To $69,420 To Undercut Entry-Level Lucid Air

Tesla’s earnings have been bolstered by a 44 per cent growth in global deliveries during the election, despite overall U.S. automobile sales declining 9.7 percent from 12 months ago due to the continuing challenges presented with the coronavirus pandemic.

The automobile producer delivered 139,300 vehicles this past quarter, easily beating its last best of 112,000 in the fourth quarter of 2019. In addition, it constructed 145,036 vehicles in Q3, more than the 82,272 vehicles which it constructed at the April-June period of this year.

In a recent letter issued to shareholders, Elon Musk said Tesla is on target to deliver 500,000 vehicles from the end of 2020. However, this won’t be simple as it will have to deliver 181,650 vehicles at the fourth quarter to make that happen, The Verge reports. Musk confessed that hitting this target will necessitate an increase in Model Y manufacturing, in addition to a boost in manufacturing at the company’s Gigafactory at Shanghai, China.

Tesla added during its earnings report which it should have sufficient money to fund future items like the Cybertruck along with the all-electric Semi.

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