U.S. market tumble, Tesla makes $2.3 billion in China

Tesla filed a 10-Q filing with the Securities and Exchange Commission to disclose its third-quarter earnings data and management expectations. Tesla’s sales in the U.S. fell sharply in the third quarter, but the gap was filled by huge growth in the Chinese market, and Tesla turned a profit, according to documents. Tesla reported revenue of $6.3 billion in the third quarter, down 7.6 percent from a year earlier.

Among them, Tesla’s third-quarter revenue in the U.S. was $3.127 billion, down 39.08 percent from $5.133 billion a year earlier, and in the first three quarters of this year, Tesla’s U.S. market revenue was $8.937 billion, down 3.37 percent from a year earlier.

In China, tesla’s third-quarter revenue was $669million, up 64 percent from a year earlier, and in the first three quarters of this year, Tesla’s cumulative revenue in China was $2.318 billion, up 48 percent from $1.445 billion a year earlier.

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That’s just before the domestic Model 3, which has made $2.3 billion in China this year, is the second-largest market after the U.S. It can be said that Tesla’s third-quarter results can achieve a turnaround, the Chinese market sales performance is not lost.

In February, the first Model 3s began delivering in China, and throughout the first half of the year, Tesla’s three models sold a total of 21,830 vehicles in China, up 60.14 per cent year-on-year.

The Tesla Super plant in Shanghai was completed earlier than expected and is currently piloting the Model 3, the document said. On the Shanghai plant project, Tesla has achieved streamlined manufacturing processes, reduced production costs, and localized supply chain and logistics efficiencies.

In addition, Tesla expects total capital spending to be less than $1.5 billion this year, as most of its investment in its Shanghai super plant has been financed by a Chinese “syndicate” of banks, and because production line unit costs are lower.

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