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Tesla Announcements: Elon Musk shares 3rd Quarter Profits, Gigafactory, and Solar Tiles V3



Tesla Shares Make a Surprise Comeback and Soar 21%

Tesla’s third-quarter profit results released on Wednesday, October 23rd surprised investors after a long-time series of doubts about the company’s ability to compete with larger and better capitalized rivals in other parts of the world.

The company announced a $143 million profit third quarter profit in 2019, and that, by the end of September, Tesla had $5.3 billion in cash and cash equivalents along with $371 million in operating cash.

Additionally, after Chief Executive Elon Musk announced his promise of a 2020 rollout with a more affordable SUV and more self-driving technology, Tesla’s shares rose almost 21% to $307.12 within hours of the unexpected news.

This is obviously good news for both Tesla and its investors, but there are going be a few more battles needed to prove consistent profitability and to remain ahead of the market it was the first to establish.

“Given the breakneck speed of expansion, Tesla will face significant demands on its cash pile.”

Nicholas Hyett, Financial Analyst at Hargreaves Lansdown

So far, Tesla has shown significant increases in production efficiency while setting another record for deliveries led by Model 3. This, along with their new, cost-cutting Shanghai Gigafactory 3, holds promise that they’ll be able to meet these profitability demands.

Tesla Giga Factory 3 in Shanghai, China

Shanghai Gigafactory Increases Tesla Production Efficiency

After returning to profitability, Tesla revealed that its Shanghai Gigafatory is now ready to start producing EVs for China, the world’s most populated country. In fact, it’s already assembling full vehicles on a trial basis to work out a few regulatory kinks before official production begins.

Tesla released their Q3 2019 update and said “China is by far the largest market for mid-sized premium sedans. With Model 3 priced on par with gasoline powered mid-sized sedans (even before gas savings and other benefits), we believe China could become the biggest market for Model 3.”

As Tesla breaks significant ground in China, their sustainable influence reaches beyond North America, aiming for a greater presence on the global stage.

Solar Roof Tile V3: Affordable Sustainability = Accessible Sustainability

Elon Musk’s proposed third iteration of his solar roof tile products is now ready for sales.

During his company’s annual shareholder meeting in June, Musk promised that these solar tiles would have a significant improvement in performance and affordability. If you factor-in future utility savings and how much a new roof installation generally costs, the product would be on par with the cost of cheap, non-solar roofing tiles.

This is a significant development towards affordable, sustainable energy measures since Tesla first unveiled the product in 2016 and opened pre-orders in 2017.

However, consumers have been generally slow to purchase the solar tiles because of their reservations regarding timeline expectations for prospective installation.

Tesla App showing “My Home” – Photo / Tesla

Hopefully, once more information about this is made available, the sales will take off, thereby increasing the accessibility for many more homes to go solar.

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