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Tesla sales hit new record despite the pandemic!

For a consecutive 5th quarter, Tesla’s profits have soared with record sales of 54% (in unit terms 139593) in the quarter ending Sept 2020 despite the pandemic making its aim of delivering in excess of 500000 vehicles this year “doable” though with some difficulty.

What’s worth noting is that the figure of 54% is the jump in the last quarter and a whopping 44% over the same time last year! Profits this quarter, at USD 311 million is more than double that in the same period in the last year! This has gone down well with the company’s hapless investors who spent long years lamenting about the lack of profits, as also the share value which has more than quadrupled in value since the start of the year!

Tesla today commands the highest market value among carmakers worldwide which is commendable when seen from the perspective of numbers where they fall short of competition. Experts justify this by saying they have the “first mover’s advantage” in the field of electric cars though competition may catch-up fast! The downside to such a rosy picture is the fact that Tesla’s production capacity (it’s mass-production plant shall come online in 2021 in Germany) is nowhere near that of the likes of Toyota. So once the latter gets started in the field, Tesla may have some catching up to do!

Photo by Bram Van Oost on Unsplash