Tesla Will Announce Its Third-Quarter Earnings for the Year

Tesla Will Announce Its Third-Quarter Earnings for the Year

Business

Tesla Inc. (TSLA), is ready to announce its earnings for Q3, 2019. Probably, the electric car company could release updates today, i.e., October 23, after the closure of the market. Even more, the company has deployed a record number of vehicles in the third quarter of the current year. Although, when it comes to earnings of Tesla, greater number of deliveries do not necessarily translate into more proceeds. In the previous quarter, the electric car maker had also delivered a record number of vehicles but eventually flagged a wider-than-expected loss. Besides, the company’s stock had experienced a fall after the announcement of second-quarter earnings.

Before this, Tesla has revealed the hope that it would strike the 10,000 weekly production milestone by the end of the current year. Thus, during the announcement of third-quarter earnings, markets will seek updates on the substantial milepost. Apart from this, investors and financiers will keep a close eye on Elon Musk’s comments regarding the development news in China Gigafactory’s mass production. Most importantly, the facility in China will be the electric carmaker’s first operational plant outside America. Even more, the plant is a core element for the company.

On the other hand, the company is conducting trial production runs at its latest $2-billion facility in China for the past few weeks. Besides, Tesla aims to sell some of the first cars from the plant to its employees. Whereas, the American electric vehicle maker is under intense pressure to build up output globally. Besides, the Shanghai plant’s production schedule is important if Tesla wants to reach its ambitious target of an annualized production rate of 500,000 vehicles by the end of 2019. Notably, the electric car maker has gained the certificate which it needs to start producing cars in the country. But analysts have estimated that ambiguities around labor and suppliers had made it a challenge to trigger mass production.