Business Maverick: Tesla Growth Is Musk’s Goal After Profit Positions Stock for S&P

an alternate site near Tulsa, Oklahoma, which Musk said would remain in consideration for future expansion.S&P Calling?

Tesla reported a profit of 50 cents a share on a GAAP basis Wednesday, beating analysts’ consensus estimate for a loss of $1.06 a share. Revenue fell from a year ago to $6.04 billion, topping analysts’ expectations for $5.4 billion. “Tesla was gunning for S&P induction, and they hit their target,” said Gene Munster, managing partner at Loup Ventures. “But they didn’t have to pull too many rabbits out of the hat to get there. They did it for reasons that are sustainable.”In a phone call after Tesla’s results were released, Ray McConville, an S&P Dow Jonesspokesman, declined to comment on any individual company and said the index isn’t reconstituted on a pre-determined timeline.

Tesla’s sales of regulatory credits to other automakers rose to a record $428 million. That contributed to its hearty 25.4% automotive gross margin and cushioned the negative impact from the coronavirus, which briefly halted production and complicated deliveries.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BUSINESS MAVERICK: Tito Mboweni: ‘No commitment from the government to fund SAA rescue plan’The SAA business rescue plan requires more than R10bn in funding. The government wants to ‘mobilise funding’ for SAA by possibly approaching strategic equity partners, local and global investment institutions, and managers of pension savings to inject money into a new and restructured airline.
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK: UCT study finds soaring prices for illicit cigarettes burn smokers, suggests sin tax hikeThe second online survey of smokers under lockdown by UCT’s Research Unit on the Economics of Excisable Products (Reep) has found that the price of cigarettes has soared 250% since licit sales were banned in March, and that steep prices are the biggest incentive for quitting. It recommends the government lift the ban and raise sin taxes.
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK: Interview: SA’s vaping industry is going up in smokeCo-operative Governance Minister Nkosazana Dlamini Zuma’s failing war on smoking has also knee-capped the fast-growing vaping industry. Business Maverick spoke to Asanda Gcoyi, CEO of the Vapour Products Association of South Africa about this state of affairs.
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK: Restaurants and taverns collapse: Hospitality industry desperate to stave off disasterDespair is mounting as the collapse of South Africa’s restaurant and tavern industry begins to accelerate, shedding thousands of jobs along the way. The government appears remote and uninterested.
Source: dailymaverick - 🏆 3. / 84 Read more »

Wits Business School appoints Sasol executive as new headMaurice Radebe, the former MD of Sasol, will assume his position at the business school in January
Source: BDliveSA - 🏆 12. / 63 Read more »