Tesla Announces Third Quarter Profit

Tesla Announces Third Quarter Profit Tesla announces its third quarter profit. The electric vehicle manufacturer has profited for the fifth time in a row. US-based electric vehicle manufacturer Tesla has announced its data for the third quarter. Tesla reiterated its goal of delivering 500,000 vehicles in 2020, despite a drop in sales in the global automotive industry. While the automotive industry was weakening in the face of the coronavirus (Covid-19) epidemic, Tesla announced profit for the fifth time in a row. The California-based electric vehicle manufacturer posted an adjusted profit of 76 cents per share in the third quarter. The median expectation of analysts was that the profit would be 55 cents. At the meeting held yesterday, Tesla CEO Elon Musk said, “The third quarter has been the best quarter in our history.” He talked about production and delivery records and top free cash flow achievements. Tesla shares, which rose 3.23 percent in post-market transactions after completing Wednesday at $ 422.64, valued more than 400 percent in 2020. Loup Ventures managing partner Gene Munster commented on the company's situation: “It was the gross margins that caught my attention. This is the machine that keeps the machine growing. They make more money from every car. '' Tesla's gross margins rose more than 250 basis points in the third quarter to 23.5 percent.