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)
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.
I still think Elon can do it.
Companies coming into sp500 have a history of tanking within the year.
Good for you Tesla. Short burn of the century.