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Tesla Beats on Profit, Reaffirms Goal of 500,000 Deliveries

  • Half-million vehicle target for 2020 depends on China factory
  • $397 million in regulatory-credit sales drive earnings beat
Bloomberg business news
Tesla Tops Estimates, Reaffirms 2020 Delivery Goal
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Tesla Inc. reported a fifth consecutive quarter of profits, handily beating analysts’ estimates, and said it remains on track to deliver 500,000 cars in 2020 despite weaker sales in the rest of the global auto industry.

The earnings streak could add momentum for Tesla’s inclusion in the S&P 500 Index and defies a downbeat trend among other automakers struggling to overcome a pandemic-induced slump. The Palo Alto, California-based company reported third-quarter profit of 76 cents a share on an adjusted basis, surpassing analysts’ consensus estimate for 55 cents a share.