Tesla Inc on Wednesday reported quarterly results that beat Wall Street expectations, sending the stock higher in the extended session
Tesla
TSLA,
016%
said it earned $ 331 million, or 27 cents per share, in the quarter, up from 16 cents per share a year ago
Adjusted for one-time items, the company earned $ 874 million, or 76 cents per share, up from 37 cents per share a year ago
Analysts polled by FactSet were forecasting adjusted earnings of 56 cents per share on sales of $ 8-28 billion
Tesla also maintained its sales forecast for 2020, saying in a letter to investors that while its target has become more difficult, delivering half a million vehicles in 2020 remains our target.
In the letter, Tesla said it had increased the Fremont, California plant has the capacity to build Model 3 and Model Y vehicles at 500,000 units per year, opened a second workshop of painting and installs the largest die-casting machine in the worldâ ????
Fremont plant will reach full capacity at year-end or early 2021, Tesla said
Tesla says it has increased the Model 3’s production capacity at its Shanghai plant to 250,000 vehicles per year, and reduced the price of the Model 3 in China to make it the cheapest high-end midsize sedan from that country A third shift has been added at its factory in China, the company said
Production at plants in Berlin and Austin, Texas is expected to start next year, company said Deliveries of the Tesla Semi, the company’s long-haul electric truck, are also scheduled for 2021
Tesla ended the quarter with $ 14.5 billion in cash and cash equivalents, an increase of $ 5.9 billion quarter-on-quarter primarily due to its recent $ 5 billion capital increase
Analysts to seek comments on demand for the Model 3, particularly in China, and the company’s goal of selling around 500,000 vehicles in 2020 Many analysts remain skeptical about this threshold
Tesla said earlier this month it delivered 139,300 vehicles, above Wall Street expectations, in its third quarter
Tesla chief executive Elon Musk announced on Twitter last week a price cut for the base Model S to $ 69,420 from $ 7,990
On its September Battery Day, the company announced a new top-of-the-line version of the Model S, which will be available next year, along with a yet-to-name vehicle under $ 25,000
Tesla stock has gained around 408% this year, compared to around 7% for the S&P 500 index
SPX,
-022%
The stock of the Chinese electric vehicle maker was on fire last week, leaving some on Wall Street wondering what happened and investors wondering what will come next
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Global news – US – Tesla stock surges after company Q3 earnings, sales exceeded expectations
