Tesla has just announced its Q2 2020 earnings for the period ending June 30, 2020. The company achieved $5.17 billion in revenues, while seeing a $104 million net income, meaning four quarters of sequential profit for the company, despite COVID-19 lockdown at its Fremont factory.
Wall Street expected earnings per share of $0.03 and revenue of $5.37 billion for Q2, according to Refinitiv consensus estimates (via CNBC), with data compiled from 16 different analysts.
As for Q2 vehicle production and deliveries, Tesla saw 82,272 cars produced for the quarter, with 90,891 electric vehicles being delivered. Tesla’s Fremont, California factory was affected by lockdown procedures in the area due to COVID-19, and was forced to shut down for most of the quarter.
“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,” explains Tesla.
As for cash reserves, Tesla now has $8.6 billion in cash and and cash equivalents, a staggering amount for the company. “We should have sufficient liquidity to fund our product roadmap, long-term capacity expansion plans and other expenses,” says Tesla.
Tesla now has 2,035 Supercharger stations worldwide, a 28% increase compared to the year ago quarter.
“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,” reaffirmed the company in its investor newsletter.
“We are continuing to build capacity for Model Y at Gigafactory Berlin and Gigafactory Shanghai, and we remain on track to start deliveries of these vehicles from both locations in 2021. 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,” added Tesla.
Shares of Tesla are now trading at $1,642 in after-hours trading, up 3%.
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