While the competition is groaning under the Corona crisis, Tesla is on the up. For the fifth time in a row, the e-pioneer surprised with strong quarterly figures. In addition, the carmaker is sticking to its ambitious annual targets. On the stock exchange, the news provides a powerful boost.
The US electric car manufacturer Tesla has been in the black for the fifth quarter in a row and has confirmed its ambitious annual targets. In the three months to the end of September a net profit of 331 million dollars, around 279 million euros, was achieved, as the group of tech billionaire Elon Musk announced after the US stock market closed in Palo Alto. Tesla increased its earnings by 131 percent compared to the same period last year. Sales grew 39 percent to $ 8.8 billion, a new record.
Tesla clearly exceeded expectations, the stock reacted after the hours with a significant price increase. With the surprisingly strong quarterly figures, Tesla is expanding its series of successes – since it was founded in 2003, the company has never been profitable for such a long period. Tesla also confirmed that it will continue to pursue its ambitious plan to deliver half a million vehicles this year, despite the stress of the Corona crisis. In the first three quarters, almost 320,000 cars were brought to customers, 139,593 of them in the past quarter. Achieving the annual target of 500,000 deliveries has become more difficult, however, Tesla admitted in the annual report with a view to the corona pandemic.
"The third quarter was the best in our history"
On the stock exchange, Tesla has been the world's most valuable car maker for some time. Since the beginning of the year, the share price has risen by a good 400 percent, in the past twelve months by almost 730 percent. Most recently, Tesla's market value was $ 394 billion. This means that the e-car pioneer from Silicon Valley is trading more than three times as high as the two largest US manufacturers, General Motors and Ford combined in terms of market shares, despite much lower sales figures. Tesla is also miles ahead of the German car companies in terms of market value.
For Tesla's dazzling company boss Musk, who also runs the SpaceX rocket company and many other projects, the soaring is a triumph. For years, his company was in the red and the future seemed uncertain. Now Tesla even delivered a record in operating profit – although the car market as a whole is groaning under the Corona crisis. "The third quarter was the best in our history," said Musk after presenting the financial report in a conference call with financial analysts.
Tesla is meanwhile pushing its international expansion vigorously, production at the Chinese plant in Shanghai is to be ramped up quickly. In addition, the construction of the first European factory in Grünheide near Berlin is progressing rapidly, it said. Tesla plans to produce and deliver the first cars here as early as next year. In addition, the group wants to quickly pull up another car plant in Austin, Texas, where the compact SUV Model Y and the planned cybertruck will roll off the assembly line.
.