Tesla (TSLA) crushes Q3 earnings with record profit, accelerates global growth

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Tesla’s (NASDAQ:TSLA) third-quarter earnings for 2020 saw the electric car maker post $8.771 billion in revenue, beating Wall Street’s expectations. The results, which were discussed at length in an Update Letter, were released after the closing bell on Wednesday, October 21, 2020.

Tesla’s third-quarter was impressive, with the electric car maker producing a total of 145,036 vehicles comprised of 16,992 Model S and Model X and 128,044 Model 3 and Model Y. The company also delivered 139,300 vehicles comprised of 124,100 Model 3 and Model Y, as well as 15,200 Model S and Model X.

Tesla’s strong Q3 results were likely due to the Model Y ramp in the United States and the increasing Model 3 production at Gigafactory Shanghai. With these, expectations were high that Tesla would once more post a profit this third quarter.

The following are the key points in Tesla’s Q3 2020 Update Letter.


Tesla reported a revenue of $8.771 billion for the third quarter, beating Wall Street’s expectations. In comparison, Wall Street expected Tesla’s Q3 2020 revenue at $8.28 billion, as per FactSet consensus. 


Tesla shareholders saw non-GAAP earnings per share of $0.76 in the third quarter. In comparison, Wall Street expected Tesla to report a gain of $0.57 per share. Estimize’s numbers were a bit more optimistic at $0.65 per share. 

This story is ongoing and is being updated. Refresh this page to check updates on this story.  

Tesla’s Q3 2020 Update Letter could be accessed below.

TSLA-Q3-2020-Update by Simon Alvarez on Scribd

Tesla (TSLA) crushes Q3 earnings with record profit, accelerates global growth

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