{"id":95024,"date":"2020-10-22T10:40:01","date_gmt":"2020-10-22T07:40:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/tesla-posts-net-profit-for-fifth-straight-quarter\/"},"modified":"2020-10-22T10:40:01","modified_gmt":"2020-10-22T07:40:01","slug":"tesla-posts-net-profit-for-fifth-straight-quarter","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/tesla-posts-net-profit-for-fifth-straight-quarter\/","title":{"rendered":"#Tesla posts net profit for fifth straight quarter"},"content":{"rendered":"

“#Tesla posts net profit for fifth straight quarter<\/strong>”<\/p>\n

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\"Tesla
\n This March 18, 2020 photo shows a Tesla charging station for automobiles in Port Huron, Mich. Tesla charged through a summertime auto industry sales slump in the U.S. to post stronger-than-expected net earnings for the third quarter. The electric car and solar panel maker says Wednesday, Oct. 21, that it made $874 million, or 27 cents per share, for its fifth-straight profitable quarter.(AP Photo\/Paul Sancya, File)
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Tesla charged through a summertime auto industry sales slump in the U.S. to post stronger-than-expected net earnings for the third quarter.<\/p>\n

The electric car and solar panel maker said Wednesday that it made $331 million, or 27 cents per share, for its fifth-straight profitable quarter.<\/p>\n

Excluding special items such as stock-based compensation, Tesla made 76 cents per share, beating Wall Street estimates of 57 cents. Revenue from July through September was $8.77 billion, a record that passed analysts’ expectations of $6.3 billion, according to FactSet.<\/p>\n

But as in previous quarters, the company relied heavily on $397 million it earned from selling electric vehicle credits to other automakers so they can meet government fuel economy and pollution regulations.<\/p>\n

The earnings were driven by a 44% increase in global deliveries for the quarter, which came as U.S. auto sales overall fell 9.7% from a year ago due to consumer fears about the economy hit hard by the pandemic.<\/p>\n

Shares of the Palo Alto, California, company rose 3% in extended trading Wednesday. Its results were released just after the markets closed. Tesla’s shares are worth about five times what they were at the start the year, accounting for a split.<\/p>\n

The third-quarter profit was more than double the same period a year ago, when Tesla made $143 million. Its string of profitable quarters reversed years of losses. Through the first nine months of this year, Tesla has made $451 million and app<\/a>ears headed toward its first annual profit.<\/p>\n

Jessica Caldwell, executive director of insights for the Edmunds.com auto website, said the company’s results and production show it has moved out of rookie territory and may become a mainstream automaker this decade.<\/p>\n

But she said the release Tuesday of an all-electric GMC Hummer shows that Tesla is facing competition from multiple auto companies.<\/p>\n

“With more EV launches on the horizon, Tesla has a big red target on its back,” she said.<\/p>\n

On Oct. 2, Tesla reported that it had delivered 139,000 SUVs and sedans from July through September, compared with 97,000 deliveries during the same period a year ago. Analysts said China, where the economy is recovering, was a major source of sales for Tesla.<\/p>\n

In a letter to investors Wednesday, Tesla said it still is on target to deliver a half-million vehicles this year, something promised earlier by CEO Elon Musk. The company said hitting the target “has become more difficult” and depends on increases in production of the Model Y small SUV and at the company’s plant in China.<\/p>\n

Tesla said it should have sufficient cash to fund its future products, which include the Cybertruck pickup and a Semi, as well as its long-term expansion plan. Tesla is adding Model Y production capacity at its Shanghai plant and is building new factories in Germany and near Austin, Texas. Deliveries from the new factories are planned for next year, the company said.<\/p>\n

On a conference call, Musk said the company has sent out full self-driving software to a small number of owners for testing on public roads. The system will be released more widely by the end of the year, he said.<\/p>\n

Musk said Tesla is starting slowly in order to be safe, gathering data on rare traffic cases that can’t be anticipated.<\/p>\n

“Weird corner cases, only reality can get you that.” he said. “We need to train the system on this corner-case situation, look for examples.”<\/p>\n

Eighteen months ago, Musk pledged to have a fleet of robotaxis operating by the end of this year. But that apparently won’t happen. Musk said Tesla will focus on enabling the robotaxi system but gave no date.<\/p>\n

Critics have said that Tesla doesn’t have the proper sensors to safely release a full-self-driving vehicle.\n <\/p>\n\n

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Tesla sales surge as global demand picks up speed\n <\/p><\/div>\n

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\n \u00a9 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.<\/p>\n

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\n Tesla posts net profit for fifth straight quarter (2020, October 22)
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