Sunday, July 14, 2024

Tesla Releases Q3 Financial Report, Plans to Further Expand Capacity of Shanghai Gigafactory

ElectricTesla Releases Q3 Financial Report, Plans to Further Expand Capacity of Shanghai...

On October 21, Tesla announced in its Q3 earnings conference call that China remained Tesla’s main export center throughout the quarter. Tesla will continue to enhance the production capacity of its Shanghai factory and promote the localization of key components.

In its financial report, Tesla maintains that China offers positive momentum in terms of output growth, and that the company is promoting improvements for higher productivity. Tesla has cooperated with Chinese battery suppliers, while for standard-range vehicles, Tesla turns to ferrous lithium phosphate batteries worldwide, which means that the standard versions of the Model 3 and Model Y will feature ferrous lithium phosphate batteries in the future.

The Q3 financial report suggests that Tesla earned $13.757 billion in Q3, up by 57% compared with $8.771 billion in the same period last year. Tesla attributes the growth to the increase in the number of vehicles delivered and the growth of other businesses.

In terms of specific sectors, in Q3, Tesla’s automobile business and energy business earned $12.06 billion and $806 million, respectively. Meanwhile, services and other businesses contributed $894 million in revenue, including automobile maintenance and repair, automobile insurance and other businesses.

Operating profit on a GAAP basis was $2 billion while its operating profit rate was 14.6%. In Q3, the net profit on a GAAP basis was $1.6 billion, up 389% year-on-year.

In Q3, Tesla produced a total of 8,941 units and delivered 9,289 units of Model S and Model X, down 47% and 39% year-on-year, respectively. Also in Q3, Tesla produced 228,882 units and delivered 232,102 units of Model 3 and Model Y, a year-on-year increase of 79% and 87%, respectively. Besides, in the Q3, the number of super charging stations and super charging piles totaled 3,254 and 29,281, respectively, a year-on-year increase of 49% and 51%.

Tesla announces it plans to achieve an average annual growth rate of 50% in car delivery over the next few years, and that it expects to obtain the final permission to complete a Gigafactory in Berlin-Brandenburg before the end of this year.

Pandaily is a Beijing-based media company. Equipped with a deep understanding of China’s technology landscape and the unicorns that drive its innovation, our mission is to deliver premium content with contextual insights on Chinese technology, business, sports and culture to the worldwide community.