Teslas revenue in the third quarter was $8.77 billion, and its net profit increased 131percent year on year

 Teslas revenue in the third quarter was $8.77 billion, and its net profit increased 131percent year on year

u2014u2014Teslas earnings per share attributable to ordinary shareholders was $0.76 in the third quarter, up 105% from $0.37 in the same period last year, exceeding the average analyst expectation of $0.57;

Revenue increased by 30% year-on-year, which Tesla attributed to the substantial increase in vehicle delivery volume, operating revenue also increased to $809 million and operating profit margin increased to 9.2%. Teslas auto business revenue in the third quarter was $7.6 billion, about 91% of total revenue. Tesla received $397 million in regulatory credit revenue in the quarter, nearly double the so-called green credit in the same period last year.

According to Tesla, the solar business is also improving. Our recently launched low-cost solar strategy has begun to have an impact, the company said in its earnings statement. Compared with the previous quarter, the number of solar energy headquarters in the third quarter more than doubled, reaching 57 megawatts, and the deployment of solar roofs was almost three times that of the previous quarter.

Teslas cash and cash equivalents increased by $5.9 billion to $14.5 billion at the end of the third quarter, mainly due to its recent capital raising of $5 billion, plus free cash flow of $1.4 billion, partially offset by a decrease in working capital credit lines. The companys operating expenses also rose. New plants in Austin and Brandenburg in Germany mean additional spending, with Tesla investing $1.25 billion, up 33% from the previous quarter.

Teslas factory in Fremont, California, has 59000 units, including model y. The automaker said it would focus on improving cost efficiency at California and Shanghai plants and increasing capacity as soon as possible to keep up with demand.

The company is building more car and battery plants in Berlin, Germany, and Austin, Texas, to boost production of existing cars and launch new models, including its electric pickup truck cybertruck and electric truck semi. Tesla said its German plant is expected to start production in 2021.