AUS
NZ
UK
CA
USA
IND
.jpg)
Summary
- Tesla Model 3 continues as the most popular electric vehicle in Europe; remains on top spot in September sales.
- The most affordable EV from Tesla overtook Renault Zoe to be on the top spot. Zoe has dominated the European market for many months.
- Tesla delivered a profit of $331 million during the September quarter, making it the fifth straight quarterly profit.
- Tesla reported a hike in Q3 revenue of US$8.77 billion; the automaker sold a total 139,593 vehicles in all its markets.
Automotive industry giant Tesla Inc (NASDAQ:TSLA) grabbed world attention after it recently stated that it would export electric vehicles to Europe. Leading electric vehicle company reportedly announced that it has started to export Made-in-China Model 3 from the Giga Shanghai factory to more than ten countries in Europe. The Model 3 will be shipped to Zeebrugge, Belgium.
Tesla aims to focus on countries such as Germany, France, Italy, Spain, Hungary and Switzerland in the European markets to sell its MIC Model 3. The EV giant also plans to cater to the markets such as New Zealand, Australia and Singapore to export vehicles from its Giga Shanghai factory.
Read More: Tesla to ship cars from Shanghai plant, improve shipment time for Asia and EU
Impressive Q4 results
Tesla reported its third quarter revenue of US$8.77 billion, representing robust 39.2 per cent year on year growth. It delivered a profit of $331 million, making it the fifth straight quarterly profit.
Tesla has fulfilled its 500k delivery target for the full year, and its profitability metrics were also quite impressive. The operating income is another remarkable achievement for an Automaker. It recorded a level of US$809 million, which is a good 9.2 per cent operating margin.
The company said that it produced a total 145,036 electric vehicles in quarter three with more than 51 per cent year on year growth. Tesla, currently leading the EV market, delivered 139,593 vehicles in the quarter, marking more than 44 per cent year on year growth.
Good Read: Tesla smashes market estimates in Q3; General Motors reveals EV plans
Record-breaking sales in Europe
The new data shows Tesla has performed up to the mark in September in the Europe region. The EV leader outperformed sceptics and critics predictions, showcasing that the Model 3 was the best-selling EV in the region. Not only did the company achieve the number one spot in the competitive market, but September was also the most fruitful month in 2020.
Tesla sold 16,125 units of its best-selling sedan Model 3 vehicle to the European customers. The total count includes countries such as the United Kingdom, Germany, Norway and France.
Notably, the hike in sales and deliveries shows that despite not having its factory in the region, Tesla is performing well in Europe. Tesla also has competition from the European automakers such as Germany’s Volkswagen which launched ID.3 and France’s Renault Zoe. Tesla Model 3 has shown steady popularity primarily because of its industry-leading range and battery technology.
It is believed that the previously exported EV’s were manufactured at its Fremont production plant in Northern California. Tesla now exports more number of vehicles made from its China factory, and the EV leader is soon opening its Giga Berlin facility to meet the demand from the customers.
Interesting Read: How is EV battle going; Is Volkswagen catching up with Tesla (NASDAQ:TSLA)?
