Tesla posts record results, ‘next phase of growth’ in focus


Tesla scored a record-setting quarter Wednesday, notching its fifth straight profitable quarter and delivering 139,300 vehicles during the third quarter, a new record for the carmaker.

Tesla’s numbers exceeded Wall Street expectations and CEO Elon Musk and his team say they are now “increasingly focused on our next phase of growth.”

Profits jumped 105% from the year-ago period to $0.76 per share, ahead of the $0.57 cent estimate, while total revenues climbed 39% to $8.77 billion, above the $8.36 billion that was expected.

Tesla shares have gained 405% this year.

Tesla said it has increased production at its factory in Fremont, Calif.. The goal is to produce 500,000 Model 3 and Model Y vehicles a year, which would represent a slight increase in capacity.

Increased production continues to be a goal of the company. In Berlin, Germany one factory is already under construction with production expected to commence next year.

In the U.S., the carmaker is also looking to move into the truck sector and is at work on a new factory in Austin, Tx. Musk said that Tesla’s Cybertruck is expected to start shipping to customers at the end of next year “