Tesla Earns $104 Million in GAAP Profit – Start SP500 Inclusion Countdown

Tesla had $104 million in GAAP profit for the second quarter. They generated positive free cash flow of $418M. They have met all qualifying criteria for SP500 inclusion. There needs to be a meeting and actual approval by the SP500 inclusion committee before Tesla is added.

Tesla had $368M in GAAP profit for the last 12 months.

Tesla had 25.4% in automotive gross margin despite lowering the prices of cars by several thousand dollars.

The shares are up about $90 after hours to $1685 per share.

Fremont – Model Y Ramped to Installed Capacity
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.

Shanghai

Construction for Model Y lines in the Shanghai factory is progressing as planned, with first deliveries expected in 2021.

SOURCES- Tesla Q2 report
Written By Brian Wang, Nextbigfuture.com (Brian owns share of Tesla)

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