Tesla’s third quarter earnings for 2020 saw the electric car maker post $8.771 billion in revenue, beating Wall Street’s expectations.
The results, which were discussed at length in an Update Letter, were released after the closing bell Oct. 21.
Tesla’s third quarter was impressive, with the electric car maker producing a total of 145,036 vehicles---16,992 Model S and Model X and 128,044 Model 3 and Model Y. The company also delivered 139,300 vehicles---124,100 Model 3 and Model Y, as well as 15,200 Model S and Model X.
Tesla’s strong Q3 results were likely due to the Model Y ramp in the U.S. and the increasing Model 3 production at Gigafactory Shanghai. With these, expectations were high that Tesla would once more post a profit this third quarter.
The following are the key points in Tesla’s Q3 2020 Update Letter.
Tesla reported a revenue of $8.771 billion for the third quarter, beating Wall Street’s expectations of $8.28 billion, as per FactSet consensus. With these results, Tesla’s revenue has grown 39% year-over-year, and this was achieved through increasing vehicle deliveries despite the pandemic.
Tesla shareholders saw non-GAAP earnings per share of $0.76 in the third quarter. In comparison, Wall Street expected Tesla to report a gain of $0.57 per share. Estimize’s numbers were a bit more optimistic at $0.65 per share.