While automakers have seen a severe decline in car sales during the COVID-19 pandemic, Tesla announced it doubled its third-quarter profits. The electric carmaker delivered a record number of electric vehicles in 2020 to set a new quarterly record.
The company sold 139,000 automobiles in the third quarter and said it is on pace to produce and deliver 500,000 more by the end of the year.
Tesla saw global delivery of vehicles increase 44 percent in the third quarter, which countered the drop in U.S. sales. Despite the COVID-19 pandemic, this is the fifth straight quarter the company turned a profit. Tesla’s shares are also up 4.3 percent, currently trading at $440.81, Reuters reported.
Tesla’s third quarter net profit was $331 million—up from $143 million in the third quarter of 2019—making the carmaker on course to turn an annual profit for the first time ever.