Tesla is set to release its third-quarter earnings on October 19, and Trefis analysts predict revenues to land at an all-time quarterly high of $22.3 billion.
If that number holds, it will represent an increase of about 62% over last year and about 32% sequentially. Earnings are expected to be about $1.03 per share, up from approximately $0.76 in the second quarter.
The electric vehicle maker said it delivered 343,830 vehicles for the quarter that ended in September. That marks a growth of about 42% year-over-year and a sequential increase of around 35%.
Tesla had slower production during the second quarter due to COVID-19 restrictions on its Shanghai factory, an issue which has since eased. The company also saw production ramp-up at new facilities in Texas and Berlin and increasing productivity at the company’s first plant in Fremont.
The EV maker also raised prices on its most popular offering, the Model Y, by about $3,000. The Model X and S, the brand’s higher-priced premium models, saw even more significant price increases.
Even with delivery numbers below estimates for the third quarter, analysts expect more substantial price realizations and margins for the quarter. Average prices for Tesla vehicles increased about 14% year-over-year through the second quarter of this year, and an even bigger jump is expected for Q3.
Did you enjoy this article? Please share your thoughts, comments, or questions regarding this topic by connecting with us at newsroom@cbtnews.com.
Be sure to follow us on Facebook, LinkedIn, and TikTok to stay up to date.
While you’re here, don’t forget to subscribe to our email newsletter for all the latest auto industry news from CBT News.