Strong results and ambitious target high flying stocks were good news for investors, which has gained more than 400% so far this year. Shares Tesla(DSLA) Hours after the income statement climbed again.
Tesla’s net income excluding $ 874 million in specialty items increased by 156%, more than double its second-quarter profit compared to what it did a year ago. Analysts estimate revenue of $ 593 million.
Net income, including specialty items, came in at a modest 1 331 million. This was more than three times its second-quarter revenue, which was released as a result of its plant’s temporary lockout.
Revenue reached $ 8.8 billion, up 39% from a year earlier. Cash flow tripled to $ 1.4 billion. Between the money generated by operations and the money accumulated Recent stock sale, The Once cash-hungry The company ended the quarter with $ 14.5 billion in cash, up 69% in three months.
“We need to have sufficient cash flow to finance our product roadmap, long-term capacity expansion projects and other costs,” the company said in a statement.
Tesla said it recently upgraded its Fremont assembly line, where it makes the Model Y, and its low-cost SUV. It now has the capacity to produce 500,000 Model Y and Model 3 sedans per year, with an additional 90,000 of its 90,000 Model S and Model X versions.
In addition, the company’s Model 3 capability is its New Shanghai plant 250,000, and assembly lines for the Y model are under construction in Shanghai, Berlin and Texas.
The company expects the Model Y to be unique Best selling vehicle And has set sales targets that will make it the best-selling American SUV by any means – gas or electric.
In his call with investors, CEO Elon Musk, known for giving Ambitious target dates and goals In the past, the company has given a relatively cautious forecast of when a pickup cybertruck will be available. “It’s hard to predict,” he said.
He said he expects a few deliveries for customers next year, but there will not be widespread deliveries until 2022.
Kasturi in a detail Tweet A beta version of Tesla’s full self-driving technology has been shipped to a handful of its vehicles since Tuesday.
“We start very slowly and very cautiously because the world is a complex and chaotic place,” he said in the call. He said the technology will be released to more people in the coming weeks and will be widely released by the end of the year.
There are some Questioned security Tesla’s self-driving technology and whether it is ready for widespread use. Kasturi stressed that the best way to make it safe is to use it as widely as possible, because the feedback coming from the computer will allow the feature to be learned and become safer.
Musk said he hoped all modes of transport would eventually become autonomous.
Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.