Tesla Inc. (NASDAQ:TSLA) has reported a fifth consecutive quarter of profits.
The electric vehicle manufacturer beat analysts’ estimates and said it remains on track to deliver 500,000 cars in 2020 despite weaker sales in the broader auto industry.
The earnings streak could add momentum for Tesla’s inclusion in the S&P 500 Index and defies a downbeat trend among other automakers that are struggling to overcome a pandemic-induced slump. The Palo Alto, California-based company reported third-quarter profit of 76 cents a share on an adjusted basis, surpassing analysts’ consensus estimate for 55 cents a share.
Tesla’s revenue rose to a better-than-expected $8.8 billion U.S., even as sales of regulatory credits to other automakers fell to $397 million U.S. That was down from $428 million U.S. in the second quarter. Stock of Tesla rose as much as 4.5% in aftermarket trading after closing at $422.64 U.S. The stock is up 405% year-to-date.
Tesla said it would meet its goal of delivering half a million cars worldwide this year. The company needs to deliver more than 181,000 cars in the last three months of the year to hit that mark, which would be a 30% jump over the previous quarter.
