US electric car manufacturer Tesla increased sales by 44 percent year-on-year to a record 139,300 vehicles in the third quarter of this year. It thus exceeded the expectations of analysts, who estimated sales in the Reuters survey at 134,720 cars.
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However, sales of Model 3 cars disappointed. Tesla also stated today that it produced 145,036 cars in the third quarter.
Tesla’s production thus increased by about half year-on-year and even increased by three quarters compared to the second quarter. The company’s California plant was closed for part of the second quarter as part of measures against the spread of the new coronavirus.
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In the first three quarters of this year, Tesla delivered over 318,000 electric cars to customers. It needs to deliver almost 182,000 cars in the fourth quarter to reach its half-million full-year target, Reuters reported.
Demand for Tesla electric cars continues to grow this year, although the wider automotive market is facing the negative effects of the coronavirus crisis. However, according to analyst Dan Levy of Credit Suisse, it may be difficult for Tesla to increase production to the level needed to meet its full-year supply target.
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Tesla, led by businessman Elon Musk, is now increasing production at its California plant and new plant in China, Reuters reported. In addition, the carmaker is building two new factories – one in Germany near Berlin and the other in Texas.
The carmaker is expected to publish its financial results for the third quarter during this month. According to the AP agency, Tesla could report its fifth quarterly profit in a row. In the second quarter, the company earned $ 104 million (approximately CZK 2.4 billion).
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Tesla shares reacted to today’s sales data with a decline, shortly before the end of trading on US stock exchanges depreciated over six percent to about $ 420. Analysts associate this with Model Y and Model 3 cars, which had sales of 124,100 against the expected number of 128,000 in Refinitiv’s survey.
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However, since the beginning of this year, the price of Tesla’s shares has increased fivefold, thanks in part to the company’s favorable financial results. Musk recently stated that his long-term goal is to produce 20 million vehicles a year. This represents almost double last year’s sales of the world’s largest carmaker Volkswagen.
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