Tesla reports 39% rise in total revenue in Q3

0 Comment(s)Print E-mail Xinhua, October 23, 2020
Adjust font size:
Photo taken on Jan. 7, 2020 shows Tesla China-made Model 3 vehicles at its gigafactory in Shanghai, east China. [Photo/Xinhua]

The U.S. electric vehicle maker Tesla said Wednesday it earned a total revenue of 8.77 billion U.S. dollars in the third quarter of fiscal 2020, up 39 percent over the year before.

Tesla posted 874 million dollars in net income for the quarter that ended on Sept. 30, representing a 94-percent increase over the previous quarter.

Tesla ended the quarter with strong financial results as it increased 69 percent of its cash position over the previous quarter to hit 14.53 billion dollars.

The company delivered nearly 140,000 vehicles in the third quarter of 2020, a 43-percent increase from the same period last year.

According to the company, the third quarter of 2020 was a record quarter on many levels.

Over the past four quarters, Tesla generated over 1.9 billion dollars of free cash flow while spending 2.4 billion dollars on new production capacity, service centers, supercharging locations and other capital investments.

Its recent capacity expansion investments are now stabilizing as the Model 3 in China's Shanghai gigafactory has achieved its designed production rate, and Model Y in California's Fremont is expected to reach capacity-level production soon, the company said.

The gigafactory in China's Shanghai is Tesla's first overseas plant outside the United States. It officially delivered the first batch of made-in-China Model 3 sedans to the public earlier this year.

Follow China.org.cn on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from China.org.cnMobileRSSNewsletter