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.
It’s tax credits not operating profit.
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