The electric carmaker has stuck to its forecast of delivering half a million vehicles in 2020 despite a global pandemic and economic upheaval that has sunk most of its internal combustion rivals deep into the red. Analysts on average expect Tesla to report net income of $593 million in the third quarter on revenue of $8.4 billion, according to Refinitiv data. Several analysts, including Frank Schwope at Nord/LB, believe the positive numbers are due to regulatory credits - payments Tesla receives from other carmakers to offset their emissions.
The Zacks Analyst Blog Highlights: General Motors, Navistar, Ford, Tesla and Penske
Cross-Sell compiled vehicle registration data and found that, although overall third-quarter Tesla deliveries hit a record at 139,900, Tesla registrations were down 13% year over year in the Golden State. The primary culprit was a big drop in Model 3 registrations. A pioneer in promoting electric vehicle (EV) ownership and use, California's electric vehicle market is seen as a bellwether for the U.S. EV industry as a whole.