adminThe US electric vehicle maker Tesla said last week it earned a total revenue of US$8,77 billion in the third quarter of fiscal 2020, up 39 percent over the year before.
Tesla posted US$874 million in net income for the quarter that ended on September 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 US$14,53 billion.
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 centres, supercharging locations and other capital investments.
Its recent capacity expansion investments are now stabilising 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. — Xinhua
Online Reporter