Tesla earns money with factories closed - The Point

It is not, at bottom, a importance anecdotal since Tesla had never earned money until now. But it has, to the surprise of the market, earned money for the fourt

Tesla earns money with factories closed - The Point

It is not, at bottom, a importance anecdotal since Tesla had never earned money until now. But it has, to the surprise of the market, earned money for the fourth straight quarter between march and June despite the closure of its factory in california for several weeks and a slight drop in its turnover.

The manufacturer of electric vehicles has generated a net profit of $ 104 million in the second quarter, while over the same period in 2019, the group of Elon Musk lost $ 408 million.

earnings per share adjusted for exceptional items, the reference in North America, was

, according to FactSet.

Weighted by a decline in deliveries of 5 %, the group has over the period seen its turnover fold to as much. But, at 6.04 billion dollars, the company's sales are higher than the 5,16 billion projected by the experts of the title.

Tesla attributed its earnings surprise of " operational improvements essential." The costs related to the closure of its factories, in California and in China, have been offset by cost-saving measures, adds the group.

On Wall Street, the action was more than 4 % in electronic trading following the close of the official session. It continues on its momentum, Tesla has soared more than 275% in the Stock market since the beginning of the year.

The action to + 275 % !

The fact that Tesla displays Wednesday a profit for the fourth quarter of following him now opens the door for the S&P 500. Be part of this prestigious index would allow the action to be systematically included in many financial products that follow mechanically its fluctuation, the ETF, and would give him even more momentum.

The constructor of electric vehicles said Wednesday that the delivery of 500 000 vehicles on the whole of the year, remained his goal, even if the latter " has become more difficult to achieve ".

" We believe that the progress we have made during the first half of this year, we are well positioned for the second half. The production in our existing facilities continues to improve to meet the demand, and we continue to strengthen our capabilities, " stressed the group.

Updated Date: 23 July 2020, 02:33

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