02 July 2020 | Tesla Crushes ‘Expert’ Expectations With Q2 Production
Background | Production | Deliveries | Profit/S&P500 | Tesla delivered more than 90,000 cars last quarter | Tesla Shines During the Pandemic as Other Automakers Struggle | Tesla stock rockets higher as quarterly sales crush expectations | Down Is the New Up for Tesla Stock
Show #827
Good morning, good afternoon and good evening wherever you are in the world, welcome to EV News Daily for Thursday 2nd July 2020. It’s Martyn Lee here and I go through every EV story so you don't have to.
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TESLA'S Q2 DELIVERY AND PRODUCTION REPORT
BACKGROUND
Released before market open today, and that meant a day of trading before 4th July holiday weekend and closed markets.
Tesla stock up about 8% or $90 per share
Production Deliveries
Model S/X 6,326 10,600
Model 3/Y 75,946 80,050
Total 82,272 90,650
PRODUCTION
6300 Model S & X
76,000 3 & Y
How slow was the ramp up post COVID? That might have been the
Estimates say they were producing about 850 Model S & X per week (compared to 1300 in Q1)
In Q4 2019 Tesla was at 7900 vehicles per week for Fremont alone (or 410,000 vehicles a year) plus Shanghai is around 4000 per week OR 200K a year. Potential of 600k a year.
Tesla previously said they plan to have an installed annual production capacity of 790,000 in 2020.
DELIVERIES
Now, they delivered a lot more because of inventory.
Tesla delivered 90,650 vehicles (vs consensus speculation of 72,000 vehicles, above rumours of mid 80,000's) and up about two and a half percent quarter over quarter from q1. And it's only down about 5% from q2 of 2019. year over year despite the obvious challenges with a global pandemic. In fact, if we look at the total first half of 2020
Q1 and Q2 combined, Tesla has delivered about 179,000 vehicles, up 13% from 2019.
Tesla's production in the first half of the year is up very similarly, up 13% from last year to 185,000 vehicles produced
Fremont factory was closed for about seven weeks during the first half of the year.
Everything they can make, they can sell.
Eases worries over Model Y demand.
Offering free lifetime supercharging for last few days, and 'offers' on Autopilot upgrades
Q4 Production 8,000 a week vs Q2 closure for 7 weeks, 55,000 potential missing.
Ignoring Shanghai for now, a POTENTIAL of 240,000 in H1 vs H1 2019 of 164k vehicles.
Guidance WAS 500k, they would have exceeded it with ramps at China and Model Y.
PROFIT/S&P500
Profit in Q2 means they could be S&P 500 because they'll be eligible.
Q1 88,500 and $16 million gaap but with 350 million dollars of regulatory credit sales.
Elon has tweeted they could break even.
TESLA DELIVERED MORE THAN 90,000 CARS LAST QUARTER
https://edition.cnn.com/2020/07/02/tech/tesla-sales/index.html
TESLA SHINES DURING THE PANDEMIC AS OTHER AUTOMAKERS STRUGGLE
https://www.nytimes.com/2020/07/02/business/tesla-sales-second-quarter.html
TESLA STOCK ROCKETS HIGHER AS QUARTERLY SALES CRUSH EXPECTATIONS
DOWN IS THE NEW UP FOR TESLA STOCK
https://www.wsj.com/articles/down-is-the-new-up-for-tesla-11593701249
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