Tesla reports 39% rise in revenue in Q3

The U.S. electric vehicle maker Tesla said Wednesday it earned a total revenue of 7.40 billion euros (8.77 billion U.S. dollars) in the third quarter of fiscal 2020, up 39 percent over the year before, reported Xinhua.

Tesla posted 874 million dollars in net income for the quarter that ended on Sept. 30, representing a 94-percent increase over the previous quarter.

Tesla ended the quarter with strong financial results as it increased 69 percent of its cash position over the previous quarter to hit 14.53 billion dollars.

The company delivered nearly 140,000 vehicles in the third quarter of 2020, a 43-percent increase from the same period last year.

According to the company, the third quarter of 2020 was a record quarter on many levels.

Over the past four quarters, Tesla generated over 1.9 billion dollars of free cash flow while spending 2.4 billion dollars on new production capacity, service centers, supercharging locations and other capital investments.

Its recent capacity expansion investments are now stabilizing as the Model 3 in China's Shanghai gigafactory has achieved its designed production rate, and Model Y in California's Fremont is expected to reach capacity-level production soon, the company said.

The gigafactory in China's Shanghai is Tesla's first overseas plant outside the United States. It officially delivered the first batch of made-in-China Model 3 sedans to the public earlier this year.