Tesla has shared its Q3 2019 earnings on October 23rd, and the company says that both its upcoming Gigafactory and the much-anticipated Model Y crossover are both running ahead of schedule.
Tesla now expects the crossover to start shipping in the summer of 2020 instead of the fall.
Revenue-wise, the company reported $6.3 billion USD ($8.2 billion). Last year in Q3, the automaker made a revenue of $6.82 billion USD ($8.9 billion CAD).
Since then, Tesla’s shares and revenue reports have slightly turbulent, so it’s good news for the company that it was able to recover once again. In Q4 of 2018, it posted a revenue of $7.2 billion USD ($9.4 billion CAD). Then in Q1 and Q2 2019, the company posted $4.5 billion USD ($5.8 billion CAD) and $6.3 billion USD ($8.2 billion CAD).
Tesla Q3 results:
– Shanghai Giga ahead of schedule
– Model Y ahead of schedule
– Solar installs +48% from Q2
– GAAP profitable
– Positive free cash flow
— Elon Musk (@elonmusk) October 23, 2019
What more exciting is that the company has shared lots of statistics regarding the Model Y production and some of the company’s other vehicle stats. If you’re interested in the company’s full financial breakdown, you can check out Tesla’s slideshow.
Regarding the Model Y, which is supposed to be the company’s second cheapest vehicle, it shared that it’s ahead of schedule. The automaker is already starting to install its assembly line in its Fremont California factory. Specifically, Tesla’s report says that this process has been going well since the company has learned so much from building its Shanghai factory.
Away from cars, the company mentions that it’s almost doubled its solar installations since last quarter. In August, the company re-launched its solar panel division by moving away from solar roofing tiles and instead of selling regular panels like other companies. Since then, it’s grown its amount of installations by 48 percent.
In another confident move, the company says it’s on track to deliver more than 360,000 vehicles before the end of 2019.