Tesla (NASDAQ: TSLA) announced its 2020 Q3 earning results after trading hours on October 21st, 2020.
Tesla has been streamlining electric vehicle (EV) manufacturing to increase its advantages over gasoline vehicles and to sustainably grow sales. As a result, its sales and adjusted EBITDA grew 39% (YoY) and 67% (YoY), respectively, while improving the automotive gross margin and operating margin, and free cash flow amazingly grew 276% (YoY).
Tesla aims to further streamline its production line, including in-house production of batteries, which are said to be the most expensive component in EVs manufacturing, and expects further increase in production capacity in its Shanghai plants etc. toward the end of 2020. Tesla has many years of accumulated know-how in battery manufacturing and is expected to continue to drive the EV market.
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