Tesla's revenue of $ 8.8 billion in the third quarter

electric car maker Tesla reported its fifth consecutive quarterly profit, with record revenues of $ 8.8 billion.

According to Arabianet, these revenues were supported by an increase in car deliveries and sales of environmental regulatory credits to other car manufacturers.

The company made a profit of $ 331 million in the third quarter of 2020, and the profit for this quarter was more than double that of the third quarter of last year.

revenues include $ 579 million in energy storage sales and $ 581 million in services revenue.

The electric car manufacturer also confirmed its goal of delivering half a million cars by the end of this year, a goal that requires it to significantly increase car sales in the fourth quarter.

Tesla said it has the capacity to produce 500,000 cars and deliver them this year, but added that achieving its goal has become more difficult.

and the company clarified that achieving this goal depends mainly on quarterly increases in Model Y production and production of its Shanghai plant.

The company defied the downward trend in the broader auto industry in 2020 and tackled the epidemic and economic turmoil with steady sales and profitable quarters, driving its shares up nearly 400 percent this year.

At $ 394.5 billion, Tesla's market value is the largest of all global automakers, even though it lags behind competitors in sales, revenue and profits. / p>

The rise of Tesla highlights investor confidence in the future of electric cars and the company's transformation from a specialist car maker to a global leader in clean cars.

and yesterday General Motors revealed an electric version of its Hummer pickup truck, which competes with the future Tesla (Cybertruck) truck, which is scheduled to enter Production next year.

“Cybertruck orders will be delivered in 2022 or at the end of 2021 at the earliest.

Tesla delivered 139,300 cars this quarter, beating the company's previous record of 11,200 ...