Tesla’s shares took off and landed at $440.81. The car making company crushes Q3 earnings with a high-profit ratio. On Wednesday, Tesla reported its third quarter’s record revenue of $8.8 Billion. The company has set a target of selling out half a million vehicles by the end of this year. They will have to ramp up their sales in the fourth quarter. In a statement, the officials from Tesla said that they have the capacity to produce 500,000 vehicles, but selling them is quite difficult. It depends on a quarter over quarter increases in Model Y and Shanghai production. The officials further added that they had sold 139,300 vehicles in the third quarter. However, many analysts are questioning the company’s potential to achieve the target. Tesla has defied the downward trend that was prevailing in the auto market. They have moved in the upward direction with quarterly profits and massive revenues. There could be seen a significant rise in the revenue of company under the Chief Executive Elon Musk.Image Credit: ALJAZEERA
The demand for electric cars is soaring around the world. Tesla has outstripped Toyota in the stock market. The company is overhauling its rival Toyota. They have now become the most valuable company in the world. The company was previously only meeting the expenses, and there was never a point where they made a profit. The economic pundits predicted that the demand for electric cars had risen significantly. The company is exploring a considerable portion to sell its battery-powered vehicle technology. The world is now adopting cleaner fuels and moving towards alternate technologies. Especially after the pandemic, Tesla is getting more avenues to explore. There is no doubt that the electric car maker has become the most valuable company.
Tesla’s third-quarter in 2020 has become lucrative for the company. It has surpassed all the previous revenue records. The carmaker company is performing quite well, and there’s a significant rise in the demand for battery-powered vehicle technology. They have exceeded their previous quarterly records. The company has a target of selling half a million vehicles by the end of this year. According to economists, the target seems to be quite difficult to achieve, but in the third quarter, they have already sold 139,300 vehicles.