The third quarter of 2019 has been a good one for Tesla, as the company managed to post a profit of US$143 million after seeing red in Q2 and Q1 previously. The company also reported a total revenue of US$6.303 billion, which is less than in the previous quarter (US$6.35 billion) as well as the same corresponding period in 2018 (US$6.824 billion).

Tesla’s cash reserves continued its upward trend from previous quarters, and by the end of Q3 2019, stood at US$5.338 billion. This is despite higher capital expenditure due to investments in Gigafactory Shanghai and Model Y preparations in Fremont.

Going into detail, revenue from automotive sales in Q3 2019 was US$5.219 billion (less regulatory credits), which is only slightly less than the US$5.265 billion in Q2 2019. The company delivered approximately 97,186 vehicles in the quarter, with the Model 3 accounting for the majority with 79,703 units, while the Model S and X made up the remaining 17,483 units. The company is confident in exceeding 360,000 deliveries this year.

On the production side of things, Tesla is prepping its Fremont facility to produce the Model Y, which is slated to be launched by summer 2020. The plant’s annual capacity is currently 90,000 units for the Model S and X, with 350,000 units dedicated to the Model 3.

Over in Shanghai, the company’s Gigafactory offers an annual capacity of 150,000 units for the Model 3, albeit on a trial basis for now as the company works towards finalising the license and meeting other governmental requirements before it begins ramping production and delivery of vehicles from Shanghai; the company is also looking to add the Model Y to the production line later on.

Another Gigafactory will also be built in Europe, with Tesla currently in the final stages of site selection. Other developments include production of the Semi, with limited numbers set to be built in 2020, as well as preparing the Roadster and the company’s upcoming pick-up truck.