Net profit has more than doubled, the electric vehicle maker said, reaffirming its goal of delivering 500,000 in 2020.

By Le Figaro with AFP

- The pandemic and the recession do not slow down Tesla's momentum - Le Figaro
Tesla is making money for the fifth straight quarter. ARND WIEGMANN / REUTERS

Tesla, the automotive group led by Elon Musk, once again surprised the market with a sharp increase in turnover between July and September, a period marked however by the coronavirus pandemic which continues to weigh on economic activity.

Net profit has more than doubled, the electric vehicle manufacturer announced on Wednesday, which also said that the goal of delivering 500,000 vehicles in 2020, set before the spread of Covid-19 around the world, remained intact. Elon Musk had been a little more evasive at the recent annual general meeting of the group, estimating that deliveries should be up 30% to 40% compared to last year, or between 477,7500 and 514,500 vehicles. But the group confirmed its initial estimates on Wednesday, while adding some precautions. "Achieving this goal will depend primarily on the quarter-over-quarter increase in sales of (its crossover) Model Y and production (at its plant in) Shanghai.", specifies the group. It will also, says Tesla, achieve improvements in logistics and delivery.

$ 331 million in profit

In the meantime, the group seems to have recovered well from the first effects of the pandemic on the automotive sector. The spread of Covid-19 once paralyzed Tesla factories and slowed down sales by other major American manufacturers. This Wednesday, Tesla once again confirmed its profitability: the manufacturer of electric vehicles posted a net profit of 331 million dollars in the third quarter, against 143 million over the same period in 2019. The group thus signs five quarters of profits of 'in a row. The earnings per share adjusted for exceptional items, benchmark in North America, stood at 76 cents, largely exceeding the expectations of analysts who expected 57 cents according to the firm FactSet. With shipments up 43% over the period, Tesla saw revenue rise 39% to $ 8.8 billion.

It also benefited from the revenues generated by the carbon credit: these almost tripled to $ 397 million. At the same time, its operating expenses have jumped by 35%, as the group has begun construction of two new factories, in Austin, Texas and near Berlin, Germany, and is expanding that of Shanghai. On Wall Street, the stock took more than 2% in electronic trading following the close of the official session. It has more than quadrupled on the stock market since the start of the year.