Tesla to hit its vehicle production goal this year

On Wednesday, Tesla Inc. (TSLA.O) posted its third-quarter results for 2020. According to market analysts, they’re interested in knowing whether Tesla’s Chief Executive Officer Elon Musk could achieve his ambitious year-end goal.

The American electric vehicle and clean energy company announced that it would continue delivering half a million vehicles this year despite a global pandemic.

In order to reach that goal, Tesla must deliver more than 181,600 vehicles in the last three months of the year.

“I’m cautious about demand given the recessionary environment and accelerating pace of coronavirus infections, making it tough for the company to hit its 500K car sales target for the year,” Investing.com’s Senior Analyst Haris Anwar stated.

According to IBES data from Refinitiv, analysts expected that Tesla would report a $593 Million net income in the third quarter and revenue worth $8.4 billion.

Tesla said that it plans to ramp up its vehicle production over the coming years by expanding output at its Shanghai plant. The electric car company stated that it aims to produce 250,000 vehicles a year including its crossover Model Y.