Tesla sets record with Q3 earnings, beating all expectations

Tesla Q3 2019 earnings call

Earlier this month Tesla released their Q3 delivery numbers, and set a new record with 97,000 deliveries worldwide. Those numbers beat the previous record, set in Q2 where Tesla delivered approximately 95,200 vehicles. The numbers were bolstered by the news that Tesla was able to sell more vehicles than they manufactured.

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Today Tesla held their Q3 earnings call to disclose it’s financial results for Q3 2019 after setting a record number of deliveries. As with most of Tesla’s previous earnings calls, many analysts predicted a drop in revenues and a continued bleeding of cash in the days leading up to it.

However, Tesla was able to turn the tables and delivered record earnings and profit to go along with the record delivery numbers.

Here are the key figures:

Earnings

Tesla shareholders saw earnings of $1.91 per share versus estimates of anywhere from $-0.24 to $-0.46 per share.

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Revenue

Tesla reported total revenue of $6.3 billion versus estimates of $6.45-$6.60 billion

Gross Margin

18.9% versus estimates of 17.7%

Other news

Model Y production will now hit the road much earlier than originally planned, with deliveries scheduled to begin during summer 2020 (a little over 6 months away!).

Gigfactory 3 is ahead of schedule as stated by Tesla:
“We are already producing full vehicles on a trial basis, from body, to paint and to general assembly, at Gigafactory Shanghai. We have cleared initial milestones toward our manufacturing license and are working towards finalizing the license and meeting other governmental requirements before we begin ramping production and delivery of vehicles from Shanghai.”

As of publication, Tesla shares have risen to $305.93USD in after-hours trading, up 19.7%.

You can read more about the Q3 2019 earnings here .

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Founder and Editor-in-chief of Drive Tesla Canada | Darryn@DriveTeslaCanada.ca Have a Tesla tip? Email tips@driveteslacanada.ca, or DM us on Twitter @DriveTeslaca