Image credit to Omead Afshar
Tesla Inc (NASDAQ: TSLA), the California EV maker reported Adj EPS (non-GAAP) of US $0.76 per share, and record revenue of US $8.77 billion for Q3 2020, exceeding Wall Street's average estimate. After Tesla Inc (NASDAQ: TSLA) trading officially closed on October 21, 2020, the company released its Shareholder Letter before its Q3 2020 Earnings Call, which will be hosted today at 5:30 pm Eastern Time.
HIGHLIGHTS (Live Update)
- All time record $8.77 Billion in revenue for Q3 2020
- All time record deliveries in Q3 2020, totaling 139,593 units globally
- All time record production numbers in Q3 2020, totaling 145,036 units
- Q3 Operating Margin 9.2% vs 4.1% in same quarter last year
- Tesla Says "We have the capacity installed to produce and deliver 500k vehicles this year (2020)
- Tesla Says Model 3 in Shanghai achieving its designed production rate
- Tesla Says vehicle average selling price declined slightly as product mix shifts
- 10,014 units subject to operating lease accounting in Q3 2020
- Tesla Says energy storage business reached record deployments of 759 MWh in Q3 2020
- Tesla keeps 2020 annual sales target as 500,000 units
- Tesla operating income improved in Q3 to a record level of $809M, resulting in a 9.2% operating margin
- Quarter-end cash and cash equivalents increased by $5.9B QoQ to $14.5B, driven mainly by our recent capital raise of $5.0B (average price of this offering was ~$449/share) combined with free cash flow of $1.4B and partially offset by reduced use of working capital credit lines.
- Tesla Gigafactory Shanghai: Model 3 production capacity has increased to 250,000 units a year. We (Tesla) reduced the price of Model 3 to 249,900 RMB after incentives, making it the lowest-price premium mid-sized sedan1 in China.
- Tesla Gigafatory Berlin: Construction of the Gigafactory in Berlin continues to progress rapidly. Buildings are under construction and equipment move-in will start over the coming weeks. At the same time, the Giga Berlin team continues to grow. Production is expected to start in 2021.
- Automotive gross margin : 27.7%
- Tesla posts automotive gross margins excluding credits of 23.7% in Q3 2020
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Vincent Y holds Tesla, Inc., shares (TSLA) and has no plans to buy/sell any positions within 72 hours.
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EV believer... TSLA shareholder ... Tesla Model3, ModelY, Cybertruck and TeslaSolar owner. CEO & Co-founder of www.Tesmanian.com