In the third quarter, Tesla posted $809M GAAP operating income, resulting in a 9.2% operating margin. The company also ended the third quarter with $331M GAAP net income and $874M non-GAAP net income (ex-SBC).
Despite its multiple simultaneous projects, Tesla’s cash remains formidable. As noted in the company’s Q3 2020 Update Letter, Tesla currently has $5.9 billion increase in its cash and cash equivalents in Q3 to $14.5 billion. This was largely due to the company’s decision to raise $5 billion of capital.
- Record vehicle deliveries, profitability and free cash flow
- Buildout of three new factories on three continents continues as planned
- First step of FSD beta rollout started in October 2020
- Vehicle capacity between the Fremont Factory and Gigafactory Shanghai currently stands at 840,000
- Full Self-Driving for city streets has been rolled out to a limited number of drivers that are part of the company’s Early Access Program
- Tesla Energy reached record deployments of 759 MWh in Q3, with Megapack production more than doubling in the third quarter