Tesla reported revenues of $8.87 billion in third-quarter revenue and earnings per share, both exceeding Wall Street expectations. In early October, after reports that Tesla’s shipments would exceed Wall Street expectations in shipments, it was revealed in the settlement on October 21 (local time) that it recorded 3Q sales of $87.7 billion and net profit of $331 million.
This result is a 39% increase from the same period a year ago. Wall Street was initially forecasting quarterly sales of $8.36 billion. Regarding the sales growth of 30% compared to the previous year, the company said that it was the result of a marked increase in the number of shipments, and that the operating profit also increased to $89 million, improving the profit margin to 9.2%.
The energy storage business also showed remarkable growth in the third quarter. In the third quarter, it reached an all-time high of 759 megawatt hours, while large-sized batteries are showing growth, while demand for powerwall is still high. Tesla expects the energy business to ultimately grow as large as the automobile business.
The same goes for the solar business. It is said that the introduction of low-priced solar energy policies such as $1.49 per watt as a tax preferential treatment in the United States has begun to emerge. Total solar equipment shipments in the third quarter recorded 57MW, more than doubled in the previous quarter.
Of course, the business cost also increased. It invested $1.25 billion, a 33% increase in the previous quarter, for additional costs at the new plant in Austin, Texas and Brandenburg, Germany.