Tesla Q3 Global Sales Soar

  • 2020-10-05 12:00:00
  • Reporter

During the July to September 2020 quarter, the electrical vehicle (EV) leader Tesla reported a 44% surge in global sales. The American automaker reported sales of 139,000 units during the third quarter, up from 97,000 units during the third quarter of 2019 and higher than expectations. Strong sales in China have been a growth driver for the company during the quarter. 

Some auto analysts now project Tesla could hit the 500,000 units of annual sales mark for 2020. When the company reports its financial results later in October, it could post its fifth consecutive quarter of profits. 

The electrical vehicles pioneer has had a smoother ride during the coronavirus pandemic than most car companies. Tesla posted a 2.5% rise in global sales during the April to June 2020 quarter, compared to the previous quarter, even as the COVID-19 related lockdown caused the shutdown of the company’s only plant in the US, located in California. Second quarter sales were down 4.8% compared to the same quarter of 2019. During the second quarter Tesla sold 90,650 units- including sales of the new model Y SUV in the US and China - and posted a net profit of $104 million, due in no small part to the sale of electric vehicle credits to other automakers. 

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