Tesla Q2 2020 Earnings Report: Profitable Yet Again

Electric Cars

Tesla just released its Q2 2020 earnings report and the numbers are impressive. Against all odds (especially COVID-19) Tesla again turned a profit.

The main financial details from the Q 2020 report are as follows:

  • $6.04 billion in revenue
  • GAAP profit of $0.50 per share 

And here’s what Tesla was expected to report, according to analysts.

  • GAAP loss per share: $0.14
  • Revenue: $5.4 billion

Additionally, Tesla reports a free cash flow of $418 million.

Here’s some the financial info from Tesla:

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And here are some details on particular vehicles and other relevant info, as stated by Tesla:

New U.S. Gigafactory Site Selected

The next US Gigafactory site has been selected and preparations are underway. Tesla Semi deliveries will also begin in 2021. We continue to significantly invest in our product roadmap.

Model Y And Fremont Production

Although the Model Y production line was operating for about four months in the first half of 2020 due to shutdowns, we exited Q2 with Model Y production running at installed capacity. This ramp was significantly faster than our initial Model 3 ramp, which took over nine months to reach the same weekly rate. We are installing additional machinery at the Fremont Factory, which is expected to increase total Model 3 / Model Y capacity from 400,000 to 500,000 units per year

Construction Info

We believe the progress we made in the first half of this year has positioned us for a successful second half of 2020. Production output of our existing facilities continues to improve to meet demand, and we are adding more capacity. Later this year, we will be building three factories on three continents simultaneously.

Some additional Q2 notes via Tesla:

Our business has shown strong resilience during these unprecedented times. Despite the closure of our main factory in Fremont for nearly half the quarter, we posted our fourth sequential GAAP profit in Q2 2020, while generating positive free cash flow of $418M

 

You’ll find Tesla’s release in its entirety linked below. 

Tesla Q2 2020 Earnings Report

More information to follow from details released on the conference call later today.

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