According to foreign reports, US electric vehicle manufacturer Tesla released the company's third quarter 2016 financial report on Wednesday. The financial report shows that Tesla's total revenue for the quarter was 2.30 billion US dollars, an increase of 145% over the same period last year; net profit was 22 million US dollars, a loss of 293 million US dollars from the same period last year. The third quarter was Tesla's first profit in the past eight quarters, and Tesla's second quarterly earnings as a listed company.
In the third quarter ended September 30, Tesla's total revenue was $2.3 billion, up from $937 million in the same period last year, up from $1.27 billion in the previous quarter. Tesla's third-quarter operating profit was $85 million, compared with an operating loss of $293 million in the previous quarter, compared with an operating loss of $184 million in the same period last year. Tesla's third-quarter net profit was $22 million, or $0.14 per diluted share; net loss for the previous quarter was $293 million, or a diluted loss of $2.09 per share; net loss for the same period last year was $230 million, Diluted losses of 1.78 US dollars.
Not in accordance with US GAAP, Tesla's third-quarter net profit was $111 million, better than the net loss of $226 million in the previous quarter, better than the net loss of $174 million in the same period last year; and diluted earnings per share of $0.14 . Tesla's third-quarter results were better than market expectations. Thomson Reuters survey shows that market analysts had previously expected that, in accordance with US GAAP, Tesla's third-quarter revenue was $2.35 billion, and diluted earnings per share were $0.09.
Tesla's total operating expenses for the third quarter were $551 million, compared to $513 million in the previous quarter and $415 million in the same period last year. Among them, Tesla's research and development expenditure in the third quarter was $214 million; sales, general and administrative expenses were $337 million. Tesla's gross profit for the third quarter was $637 million, better than the $274 million in the previous quarter, better than the $231 million in the same period last year.
According to business division, Tesla's third-quarter auto manufacturing business revenue was $1.917 billion, better than the previous quarter's $1.03 billion, better than the $769 million in the same period last year; service and other business revenues were $231 million. Better than the $151 million in the previous quarter, better than the $83.5 million in the same period last year.
Tesla said in the financial report that the company produced 25,185 electric vehicles in the third quarter, a 37% increase from the previous quarter and a 92% increase from the same period last year, setting a new quarterly output.
To support Tesla's rapidly increasing number of electric vehicles, Tesla will continue to expand sales, service and super charging stations worldwide. As of the end of the third quarter, Tesla has 715 super charging stations and 4,461 personal super charging stations worldwide. Currently, 97% of the population in the continental United States and 86% of the population in Western Europe are within 150 miles of the Tesla Super Charging Station. High population density regions in China, Japan and Australia will soon reach such coverage.
Tesla said that the laying of the new electric vehicle Model 3 production line has been completed and the assembly line will soon be installed. The super battery factory will be put into production as planned by the end of this year, and lithium batteries will be supplied to the Model 3 from the second half of next year. While increasing the capacity of existing plants, Tesla is also considering investing in battery plants in Asia and Europe.
Tesla expects that the company will produce about 50,000 electric vehicles in the second half of the year and more than 25,000 in the fourth quarter. Tesla also expects that the company's full year 2016 operating expenses will increase by about 30% over the previous year; capital expenditure is expected to be $1.8 billion. In the past three quarters, Tesla's capital expenditures were $759 million.
Tesla shares fell $0.10 in regular trading on the Nasdaq Stock Market on Wednesday, down 0.05% to close at $202.24. At the time of the press release, Tesla shares rose 8.60 US dollars, or 4.25%, in the subsequent after-hours trading, and the stock price was 210.84 US dollars. In the past 52 weeks, Tesla's lowest share price was $141.05 and the highest share price was $269.34. Based on Wednesday's closing price, Tesla's market value is about $30.3 billion.
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