Tesla is making a profit for the fourth consecutive quarter, the first for the company

Tesla is making a profit for the fourth consecutive quarter, the first for the company

Tesla made a profit of $ 104 million in the second quarter of 2020, despite closing its electric car plant in Fremont, California, for about seven weeks due to the COVID-19 epidemic. As a result, for the first time in the company’s history, Tesla was profitable for four straight quarters – an evasive pillar that the company has long sought.

But perhaps more importantly, Tesla says it has a “site of choice” for its next gigafactor in the United States. The company has been on track to receive several tax incentive packages from local authorities in Austin, Texas, despite negotiations with Tulsa, Oklahoma. Wherever the plant lands, Tesla will use it to build more Cybertruck Model more Model Y SUVs. “The next US gigafactor site has been selected and preparations are underway,” the company said in a statement.

Tesla kept its finances in love, even selling 90,650 cars in the last quarter with: shutdown of that factory. The growth rate of 88,000 vehicles delivered in the first quarter increased, but the company’s record figure is lower than 112,000 vehicles in the fourth quarter of 2019. This helped the company generate $ 6 billion in revenue, which was sold for $ 370 million in energy-saving sales of և $ 487 million. million service revenue.

Elon Musk has promised that his company will supply 500,000 by the end of 2020, the company claims that it is still targeted. Tesla says it is “installing” additional vehicles at the Fremont plant, which is expected to increase overall Model 3 / Model Y capacity from 400,000 to 500,000 units per year.

Tesla once again did not make a net profit based on its sales, although it also sold $ 428 million in regulatory loans in the quarter, up from $ 354 million in sales in the first quarter of this year, a record for the company. . The company has profitable quarters can now install it on the surprised S&P 500.

The company’s stock price is sure to rise (it rises sharply in the next few hours), continuing an incredible deal over the past few months that has seen it break down to around $ 360 per share, up from more than $ 1,500 so far. . Driven by unprecedented stock market activity, optimism about the newly released Model Y SUV, and a wave of other factors, Tesla became the most expensive automaker in the world.

Tesla’s success in the second quarter of this year was not easy. CEO Elon Musk has been waging a very public struggle with local officials over a home-keeping rule that has been used to slow the spread of the novel’s coronavirus. He eventually reopened the Fremont plant with that breach. “If anyone is arrested,” he wrote in a note in May. “Please, it’s just me.”

Like manufacturers and factories around the country, Tesla has been exposed to COVID-19 infection in its facilities. Employees have spoken publicly, some even about the recording, despite a story of revenge against Tesla Whistle, about the harsh conditions they were forced to work in, which seem to testify to the detailed “return to work schedule” released by the company. : Many employees at the Fremont plant in May tested positive for COVID-19, although the company rightly disputes how many և say it is less than 10 While working, he contracted the novel coronavirus.

If Tesla can keep COVID-19 from spreading through its workforce չէ it does not have to deal with further shutdowns, none of which are granted, it could be very strong in the second half of 2020. He managed it. shipped 122,000 vehicles in the last quarter of 2019, without a new plant in Shanghai, China (which went online earlier this year) or a new Model Y SUV (which began shipping in March). Tesla is also working on more powerful versions of its older Model S և X cars that could cover the roof by the end of this year. Whether the company is not going to quickly reach its target of 500,000 deliveries by 2020, based on the first two quarters, could change quickly if all these factors are combined.

It used to be a risky bet to believe that Tesla could play such achievements. Musk has admitted that he is not the best at targeting or making accurate predictions. But Tesla was doing just that, for the first time in the company’s 17-year history. It met the low end of its delivery target for 2019, despite the terrible first quarter of last year. It delivered to Model Y earlier than planned. It even ended the first quarter of 2020 with $ 8.1 billion in cash, the highest in the company’s history, simply one of the most destabilizing crises of modern times to allow for some time to stabilize.

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