Year over year, Tesla’s net income more than doubled in the third quarter, and CEO Elon Musk seems to think the company could someday outpace some of the world’s largest companies. With Tesla and other automakers facing high prices on raw materials and continued challenges ahead of recession expectations, the company is pulling in a good amount of money for each car it sells.
Forbes recently broke down Tesla’s earnings per car delivered in the third quarter, after the automaker reported a net income of $3.3 billion and a record revenue of $21.45 billion in the quarter. The news also comes after Musk said he thinks Tesla can become larger than Apple in terms of market capitalization, as consumers continue to move away from gas cars entirely.
Tesla made $17.785 billion in automotive sales in Q3, along with $286 million in regulatory emissions credits and $621 million in automotive leasing. As for total automotive revenue in the third quarter, Tesla brought in $18.69 billion to represent an increase of 55 percent year over year.
Automotive sales saw expenses of $13.099 billion in the third quarter, while leasing expenses amounted to $381 million. In sum, the entire automotive sector had $13.48 billion in expenses during the three-month period.
The news comes as Tesla continues to ramp up production at Gigafactories Texas and Berlin, each of which are set to substantially increase annual production. And if Giga Shanghai’s recent production upgrades are any indication, with a total of 77,163 vehicles delivered in China in September alone, then we can expect to see some impressive production numbers once the Austin and Grünheide factories are up to full capacity.
Additionally, Tesla is sending a handful of employees from Giga Shanghai to its Fremont factory in the coming months to help increase production output. Fremont remains a key producer of Tesla’s vehicles across markets worldwide, and it will only serve as another major boost to quarterly and annual production numbers.
In the third quarter, Tesla delivered 343,830 vehicles globally, with 365,923 produced during the period. Based on these automotive and delivery numbers, and financial figures compiled by Forbes, Tesla averages about $51,726 in earnings per car, before accounting for taxes. Still, the publication notes that several other factors are involved, especially considering the disparity between its vehicles produced and delivered.
Originally published by EVANNEX. By Peter McGuthrie
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