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Strong numbers: Tesla beats all expectations – Tesla shares jumps for the time being message

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The US electric car maker Tesla achieved a further quarterly profit despite the negative effects of the corona pandemic. The bottom line in the three months to the end of June was a surplus of $ 104 million (€ 90 million), as the group of the tech billionaires Elon Musk announced Wednesday after US stock exchange closing in Palo Alto. There had been a high loss in the previous year.

Despite the uncertainty surrounding the renewed corona escalation in the United States, Tesla continues to pursue its ambitious goal of delivering over 500,000 cars in 2020. The capacity is available, but it is difficult to foresee whether there will be further production disruptions. The annual forecast can therefore be adjusted if necessary.

In a conference call after the balance sheet, Musk also confirmed that Tesla’s second US auto factory will be built next to the main plant in Fremont, California, Texas, near the city of Austin. “We’re going to build a stunning factory right on the Colorado River,” Musk said. The construction of Tesla’s first European plant in Grnheide near Berlin is also progressing very well.

With the renewed quarterly profit, Tesla reached a milestone – for the first time since its foundation in 2003, the company was in the black for twelve months. In view of production shortfalls and sales increases in the corona crisis, this is a particularly great success, even though total revenues fell by around five percent year-on-year to $ 6.0 billion.

The longest stretch of profitability in its 17-year history could now pave the way for Musk’s company to move up to the leading S&P 500 index. A decisive prerequisite for being admitted to the group of the largest listed US corporations is four quarters with black numbers in series.

The fact that the pioneer of the electric car from Silicon Valley, the stronghold of technology, is better able to cope with the corona pandemic than the competition, was already shown by the delivery figures for the second quarter published in early July. While the car market had to cope with strong sales build-ups overall, Tesla, thanks to the strong demand for its 3 and Y models with just under 91,000 vehicles, brought customers just five percent less than in the same period last year.

It was already foreseeable in June that Texas would win the contract for the location selection for Tesla’s second US auto plant when the local traveller, Travis County, published concrete plans for the construction. The investment volume is said to be a good $ 1 billion, and around 5,000 jobs are to be created. Now Musk revealed that in addition to Model 3 and Model Y, the electric pick-up Cybertruck and the semi-trailer are to be manufactured there.

So far, Tesla has only one automobile factory in Fremont in the United States. Another car plant was opened in Shanghai, one is being built in Grnheide near Berlin. In addition to the car plants, Tesla also operates a battery plant in Nevada and a factory in New York, which mainly produces solar systems. In view of the great demand, especially for the new Model Y, new production sites have to be built quickly.

Musk also benefits greatly from Tesla’s flying high on the stock exchange. Thanks to the price rally, the 49-year-old has had stock options worth more than two billion dollars since Tuesday. The reason is a compensation plan that is linked to the stock market value and certain Tesla business goals. With Tesla worth an average of more than $ 150 billion in the past six months, Musk now has the option to buy stocks well below market value, making a huge profit, at least on paper.

While Musk is getting richer thanks to Tesla’s stock market hype and continues to move towards the top positions in the billionaire charts such as the “Forbes” list or the “Bloomberg Billionaires Index”, the company still has many skeptics. Regardless of the recent wave of success, Tesla continues to be one of the corporations on whose decline the largest bets on the financial market are running. In fact, the high-speed starter has so far produced quite a small number of pieces compared to the large established car manufacturers.

Tesla’s quarterly numbers clearly exceed analyst expectations. The Tesla share listed on NASDAQ is sometimes 5.46 percent firmer at $ 1,679.28 in pre-trade.

In the financial market this year, Musk’s company is already the top flight with a share price increase of around 280 percent. The market value recently even surpassed the $ 300 billion mark at times, which means Tesla is trading higher than all other automakers.

/ hbr / DP / zb

PALO ALTO (dpa-AFX)

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Image sources: Bjoern Wylezich / Shutterstock.com, Nadezda Murmakova / Shutterstock.com



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