For years Tesla has been a paradox for many observers of the automotive market: a company always at a loss was on everyone’s lips and was breaking records on the stock market. Now it has perhaps reached the turning point because the third quarter accounts strengthen the chances of a 2020 destined to become the first year in profit since the foundation in 2003 and the landing on the Stock Exchange in 2010. Moreover, Tesla has been updating its business records and now the income statement also benefits.
The three months between July and September turned out to be the fifth quarter in a row with the last line in black. Not only. Analysts’ expectations were exceeded with momentum and there was no lack of the usual optimistic notes on the achievement of the ambitious commercial target set for 2020. In detail, the Californian company recorded revenues of 8.77 billion dollars in the quarter (7, 41 billion euros), 39.2% more than in the same period last year and 460 million more than the analyst consensus expected thanks to the growth in deliveries of 44% to the new record of 139,300 units and to sales of green certificates for 397 million. The gross margin of the automotive business rose from 22.8% to 27.7% – against 24.1% of market expectations – and the operating profit improved to 809 million dollars, with an impact on revenues of 9.2%. The net profit therefore rose by as much as 156% to 874 million and the earnings per share jumped from 37 to 76 cents of dollars, against about 50 of the expectations. Basically a quarter in great shape for a company still far from the numbers of decidedly larger manufacturers but with roots still too deeply rooted in the terrain of the automotive tradition and therefore linked to the fulcrum of historic engines, the endothermic ones. Tesla, on the other hand, is the emblem of the new electric revolution but today it can no longer be considered a startup but a full-fledged automotive company.
After all, the “best quarter in our history”, as stated by the volcanic CEO Elon Musk, reinforces the possibilities both of a 2020 in profit and of a new commercial record. Financial director Zachary Kirkhorn confirmed the goal of closing the year with around 500,000 deliveries, on condition, however, of an improvement in logistics activities, delivery procedures and an increase in production, especially at the Shanghai plant. And for years to come, Tesla has set the stage for further expansion of its businesses. With a liquidity of over 15 billion dollars, also the result of a recent capital increase of approximately 5 billion, the company aims above all to increase production with the new plants in Germany and Texas, operational already in 2021, to expand the range. with new models such as the expected Cybertruck pickup and to launch new technologies for batteries and autonomous driving. And for the long term, Musk’s hopes are extremely ambitious also in light of the growing commitment of traditional manufacturers in the world of electric cars: last month the South African-born entrepreneur indicated the possibility of assembling and selling 20 million cars by 2030. It seems, at first glance, the usual boutade of Musk, but if today Tesla is the point of reference even for giants like Volkswagen or General Motors it owes it to the vision of its CEO
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