Tesla says Shanghai plant ready for production

The futuristic doors of the electric vehicle manufacturer Tesla Inc. have now landed the company in hot water.

The answer, apparently, is yes it can.

Tesla's share price rose 18% to $299.88 U.S.in after hours trading Wednesday after the company announced that it earned a profit of $1.86 US a share in the third quarter, beating analysts' average estimate for a 24-cent loss.

Its gross margin clocked in at 18.9%, versus estimates of 17.7%.

While releasing the earning report of quarter 3, Musk revealed that the company comes back to the profitability zone during this period.

With Wednesday's after-hours surge, Tesla's stock has reduced its loss year-to-date to 8% and added about $9 billion to its market capitalization. In the third quarter, automotive revenues were $5.35 billion. In usual Musk fashion, albeit late, he kept his promise.

Tesla said it expected to deliver between 360,000 and 400,000 vehicles this year, representing 45-65 per cent growth.

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Last month, Musk expressed his support for Diess after the German executive was troubled with renewed scrutiny stemming from Volkswagen's four-year old "Dieselgate" scandal.

Tesla has recalled 89 of its Model 3 vehicles built earlier this year due to missing air bag warning labels on passenger-side sun visors. Efficiencies included reductions in manufacturing and material costs and continued improvements in vehicle quality.

According to the company's report, Model 3 deliveries topped 79,000 - 2,000 more than 2019's second quarter.

He also predicted the Model Y would "outsell Model S, Model X and Model 3 combined" and cast doubt over the future of Tesla's two larger, more expensive models by describing them as "of minor importance to the future". Its target is rolling at least 1,000 Model 3s off the production line weekly by year's end, Reuters said. The company deployed 43 megawatts of solar, a 48% increase over the previous quarter.

"That's going to be really insane growth" he said.

Tesla's software features were huge topics discussed in the earnings call. This would solve a persistent problem that Tesla has been having with deliveries. While the two company are competing in nearly every segment of the global EV market, their respective CEOs seem to have only good things to say about each other, in times both good and bad.

  • Darren Santiago