Tesla reports fifth straight quarterly profit with record revenue in Q3 2020

The company delivered 139,000 vehicles during Q3 2020

Tesla reported its fifth consecutive quarter of profit on October 21st, indicating that the company has not been thwarted by the COVID-19 pandemic.

The company reported an automotive revenue of $7.6 billion USD (about 9.9 billion CAD), exceeding analyst expectations. This is an increase from the $5.3 billion USD (about $6.9 billion CAD) reported in the same period a year ago.

Analysts note that if Tesla is able to keep up the pace, this would be its first year of profitability after years of losses.

Tesla reports that it delivered 139,000 vehicles during Q3 2020, which is a new record for the electric car manufacturer. It previously held a record of 119,000 deliveries, which it set at the end of last year.

The Model 3 and Model Y led the way, with 124,100 delivered, while 15,200 units of the Model S and Model X vehicles were delivered.

During its call with investors, Tesla executives noted that the company has doubled down on its promise to deliver half a million vehicles by the end of the year, but stated that to reach this goal it would need to increase output from its Shanghai gigafactory.

When asked about the Cybertruck, Elon Musk stated that some deliveries of the vehicle would start by the end of 2021 “if things go well.”

Source: Tesla, CNBC