Tesla Q3 a record

Tesla’s third quarter was “our best quarter in history”, says Tesla chief executive Elon Musk.

It’s the fifth consecutive profitable quarter for the EV company, exceeding expectations with US$8.7 billion revenue, US$800 million profits, US$14.5b cash in the bank, US$1.9b free cash flow, and US$24b spent on new production capacity, new service centres, more supercharger locations and other investments.

The company’s third quarter showing is impressive, illustrating its healthy state, Teslarati reports.

Model 3 and Model Y production have reached a run-rate of 500,000 vehicles annually at the Fremont factory, with the ability to produce 90,000 Model S and Model X annually, as well as Gigafactory Shanghai’s 250,000 annual capacity, allowing Tesla to head towards a run-rate of one million cars annually.

Updates on future projects such as the Cybertruck and Semi were covered in the latest call

, along with Tesla Energy results.

In answering questions, Musk says Tesla’s skateboard design may go in the long-term with batteries as part of the vehicle’s structure more likely.

Tesla also expects to create a charging system for the Semi so no time is wasted recharging it.

The company aims to lower Model Y costs to the Model 3 level, where production costs are getting reduced frequently.

Musk adds that many improvements are being made to get a better vehicle, and that the Cybertruck is being fine-tuned with expectations of deliveries starting at the end of 2021.

When asked about Tesla’s cell production, Musk notes Tesla will change all aspects of the company’s battery cells.

The company’s 4680 cells will be produced at the same time as vehicle production ramps up in Berlin.

Musk says in a few years batteries could cost half as much with cheaper production costs.

On Full Self-Driving, Musk says the Autopilot rewrite could roll out to more drivers in the next few days with wide release by the end of the year.