Tesla breaks revenue record despite the pandemic

The Electric-Car maker Tesla has recorded a major profit spike of a fifth quarter in a row despite the pandemic.

Tesla said it made $8.7 billion revenue in the three months to September, as deliveries rose 54%.

The firm said it still hoped to meet its goal of delivering more than 500,000 vehicles this year but warned this had “become more difficult”. Analysts also warned the firm faced mounting competition.

So far, Tesla has delivered fewer than 32,000 cars to customers this year – but nearly half of those – 139,593 – came in the three months ended 30 September.

That was up 54% from the prior quarter and 44% year-on-year.

However, the carmaker automatically rose to a profit of $311 million – more than double what it made during the same period last year.

The firm’s successful streak has not gone unnoticed by investors who spent years lamenting the firm’s lack of profits.

Shares in the firm have more than quadrupled in value since the start of the year – and climbed higher in after-hours trade on Wednesday.