Tesla Inc. stock rose more than 5% late Wednesday after the Silicon Valley car maker reported a second-quarter GAAP and adjusted profit, setting it on a course to join the S&P 500 index and surprising investors as most of the quarter was beset with coronavirus-related stoppages.
The call veered on sedate, for Tesla standards, with Musk issuing calls for “revolutionary actuaries” to further develop Tesla’s insurance product; urging more mining companies to mine for nickel, used in batteries; and announcing the Austin, Texas, area as the site of Tesla’s future second U.S. car-making factory.
The “real news,” said Gene Munster of Loup Ventures, “is Tesla hit profitable and free cash flow with sustainable measures. The company did not pull a one-time lever to get to profitability.” “We have the capacity installed to exceed 500,000 vehicle deliveries this year, despite recent production interruptions. While achieving this goal has become more difficult, delivering half a million vehicles in 2020 remains our target,” it said in the letter.Tesla said it continues to build capacity for the Model Y, its compact SUV, at factories in Berlin and Shanghai, and it remains on track to start Model Y sales from both locations in 2021.
Tesla earlier this month reported second-quarter sales that crushed Wall Street expectations, even as its U.S. car-making factory in California was shuttered for most of the quarter under local shelter-in-place orders.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
It’s tax credits not operating profit.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla earnings Q2 preview: Analyst commentary leading up to the report - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Tesla stock soars on profitable quarter despite coronavirus shutdowns - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Hey S&P 500 .50 cent profit ..... hmmm why’d they go and make elon look like he has down syndrome
Source: BusinessInsider - 🏆 729. / 51 Read more »
Tesla reports earnings with stock at an all-time high — what to expect - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
How Tesla defined a new era for the global auto industryTesla Inc's rapid rise to become the world's most valuable carmaker could mark the start of a new era for the global auto industry, defined by a Silicon Valley approach to software that is overtaking old-school manufacturing know-how. EdTaylorJourno JBWEyesonroad We live in the age of idiots EdTaylorJourno JBWEyesonroad Anyone can have good software and battery tech nowadays. Tesla will simply become the netscape/myspace/napster in its field. Let us not forget that Tesla is built on hype. They've overpromised and under(or never)delivered many times. EdTaylorJourno JBWEyesonroad By selling cheap cars to China while they are committing a blatant genocide against the Uyghurs? Yep, really defining an era, I'll give you that. Hear me, yet Tesla? I'll be making calls all day tomorrow.
Source: Reuters - 🏆 2. / 97 Read more »