Tesla Q3 Earnings Recap: Revenue Up 57% To $13.8B, Model Y Production On Track, Still Holding Bitcoin

Electric vehicle company Tesla Inc TSLA reported third-quarter financial results after market close Wednesday. Here are the key highlights.

What Happened: Tesla reported third-quarter revenue of $13.8 billion, up 57% year-over-year. The revenue figure beat a street consensus of $13.6 billion. Automotive revenue for the company was $12.1 billion, up 58% year-over-year.

Tesla reported third-quarter earnings per share of $1.86, beating a street consensus of $1.57.

The company had record vehicle production and deliveries in the third quarter. Tesla produced 237,823 vehicles, up 64% year-over-year. The company delivered 241,391 vehicles.

Tesla reported 83 MW of solar power in the third quarter, up 46% year-over-year. The company reported 1,295 MWh of energy storage.

Tesla ended the third quarter with 630 retail stores and serviced locations. The company had 3,254 Supercharger locations and 29,281 Supercharger connectors at the end of the third quarter.

Tesla reported no purchases or sales of Bitcoin BTC/USD in the quarter.

“We achieved our best-ever net income, operating profit and gross profit,” the company said.

Tesla’s operating margins hit an all-time high in the third quarter despite a 6% year-over-year decline in the average sale price of its vehicles.

See Also: Analyst Can See Elon Musk Becoming A Trillionaire But Not Because Of Tesla

What’s Next: Tesla said it sees 50% average annual growth on a “multi-year horizon.” Growth will depend on equipment capacity, operational efficiencies and stability of the supply chain.

“We believe the more vehicles we have on the road, the more Tesla owners are able to spread the word about the benefits of EVs,” the company said.

The company reaffirmed guidance of the first Tesla Model Y vehicles produced at the Tesla Gigafactories in Austin and Berlin to happen before the end of 2021. Cybertruck production is “making progress” with a planned launch in Austin subsequent to the Tesla Model Y.

Improvement for production capacity is seen by the company for its Fremont and Shanghai factories going forward.

TSLA Price Action: Tesla shares closed flat at $864.97. Shares are trading modestly down to $862 after hours at the time of writing.