Electric car giant Tesla inc. (TSLA) revealed profits in a fifth quarter on the trot, as its sales surged to a new height despite the pandemic.
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The company announced in results that it managed to hit $8.7 billion in revenue in the quarter ending in September, as deliveries go up 54%.
Tesla (TSLA) showed optimism to reach its targets of delivering more than 500,000 cars this year but warned this had “become more difficult”. Experts of the market were also cautioning the giant to face mounting competition.
Until now, Tesla managed to handover less than 320,00 cars to buyers this year. Nevertheless, most of those were delivered in three months ended 30 September. That was up 44% year-on-year.
This performance helped Tesla (TSLA) to achieve a quarterly profit of $311 million, more than double year over year.
Tesla’s performance over the period of this covid-19 pandemic has certainly shocked the investors who spent years lamenting the company’s lack of profits.
Company’s stock has more than quadrupled since the start of the year – and even rose higher in on Wednesday trading.
Currently, Tesla (TSLA) marks the highest market value of any auto manufacturer in the world, despite selling way lesser number of cars than major rivals such as Toyota.
Furthermore, Tesla inc. (TSLA) has lately announced a host of impressive plans, comprising starting manufacturing its own batteries, as it prepares to face rising competition from other carmakers, many of which are amplifying their emphasis on electric cars.
