Tesla beat forecasts: the stock jumps about 4% in late trading

Manufacturer of electric cars Tesla Published strong reports for the last quarter tonight. In the top line, Tesla posted revenue of $ 8.77 billion for the quarter, and in the bottom line adjusted earnings of 76 cents per share.

Analysts surveying the company expected revenue of about $ 8.3 billion in the last quarter, and earnings of 56 cents a share.

In response, Tesla shares rose 4% in late trading.

Earlier this month, Tesla reported that it delivered 139,300 vehicles in the last quarter, a 40% increase over the same quarter last year.

Tesla reported in July this year, for the first time, a streak of four profitable quarters, and 2020 is set to be its first profit year. “The future looks very promising from an annual profitability perspective,” Musk said at Tesla’s battery event about a month ago.

The profit, which also stemmed to some extent from the sale of credit points for non-emission of polluting gases to gasoline car manufacturers, was recorded despite a temporary closure of Tesla’s operations at its main plant in Fremont, Silicon Valley. Local authorities have ordered the closure of most businesses to stem the eruption of the corona. Musk quarreled with the authorities and reopened the factory, calling on the authorities to stop him, which did not happen.

Tesla also benefited from the opening of its first overseas plant in late 2019 in China, and a Model Y SUV that went on sale in March.

In early April, Tesla halted the publication of its vehicle delivery guidelines for this year, according to which production will increase by at least 36% by 2020 and over 500,000 vehicles will be delivered. At the time, analysts warned that Tesla would not meet this target because of the epidemic. Now they are less sure of that.

Tesla’s share has risen about sixfold in the past year, making the company the world’s highest-valued carmaker (about $ 400 billion). This is despite the fact that its production cycles are still much lower than those of manufacturers such as Toyota, Volkswagen and General Motors.

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