tesla net income q1 2020
Revenues increased 32% annually to $5.99 billion. Buying FSD is an investment in the future, and we are confident it will be a benefit, Our goal is to maxmize the happiness of the customers, Next Question on China Tesla manufacturing subsidies, Elon - rapid progress on lowering cost in China, Lowering the price of the Standard Range Model 3 tomorrow below the subsidy limit, Cost of vehicles produced in China is lower than in California, additional opportunities to expand margin while lowering costs - Zack. Pushing the envelope on structural engineering, Positive effects in every way essentially, slightly better than the Model 3 despite being a bigger car that weighs more, We are confident that this product (Model Y) will be our best selling product ever, We are absolutely continuing our build out for the Model Y ramp, We are pedals to the metal on new products and expanding the company, We are looking forward to being a global manufacturer with a capacity of well over 1 million vehicles per year, Successful launch, ramp, and profitability of Model Y, Shanghai margins improving despite not running at full capacity, Long range of Model 3 to positively effect ASPs in China, Zack is stoked about that first ever Q1 profit, Model Y in Shanghai and Berlin are proceeding, 14,000 increase in vehicle inventory due to delivery issues, sales and delivery operations have paused, but still seeing orders, extended shutdown in Fremont will affect short-term performance, Working Capital management will be the most important lever in managing costs, Touts cost efficiencies over the past years. Tesla stock has also proven resilient amidst the COVID-19 pandemic, rising 70% year to date. Zack - timeline, interally and with partners, it is about lowering the cost of adding cell capacity, that will be one of the things we address on Battery Day. We don't have specific market share goals, focused on acceleration of the adoption of sustainable energy. Tesla shareholders have received the electric car maker’s results positively. Asif also has an irrational love of Cleveland sports. Check out the full press release on the official Tesla Investor Relations website. Apart from Solar Roof production in Gigafactory New York exceeding 4 MW per week, which is enough for 1,000 homes. The range in the Model S was increased to 391 miles with no increase in battery capacity. Despite the expiration of various government incentives at the end of last year, Q1 was pacing to be the strongest quarter of deliveries until our operations were interrupted in March. Tesla finished Q1 2020 with a positive GAAP net income, driven by the profitability of the Model Y. ... On an unadjusted basis, net income was $16 million or $0.09 per share, compared to a loss of $702 million or $4.10 per share in the first quarter of 2019. We believe we are well-positioned to manage near-term uncertainty while achieving our long-term plans. We are continuing to build capacity for Model Y at Gigafactory Berlin and Gigafactory Shanghai and remain on track to start deliveries from both locations in 2021. Tesla Investor Relations TSLA Q1 2020 Financial Results Summary: Q1 2020 was the first time in our history that we achieved a positive GAAP net income in the seasonally weak first quarter. software at the internal early stage is a lot more advanced than what is making to customers, complex turns, situations, busy intersections, parking lots, special events, are extra hard cases for FSD, Autopilot engineering team is extremely talented and I am deeply involved with the team, Regulatory approval remains out of our hands. When he is not immersed in investments or gaming he is a purveyor of fine electronic music. Net income rose 146.0% year over year ( YOY ), a huge milestone marking the fifth consecutive quarter of profits. Despite global operational challenges, we were able to achieve our best first quarter for both production and deliveries. Tesla had a $283 million GAAP operating income, $16 million GAAP net income, and $227 million non-GAAP net income in Q1. We are coordinating closely with each supplier and associated government. Despite the ongoing pressures from the coronavirus outbreak, Tesla managed to deliver, Tesla reported revenue of $5.985 billion for the first quarter. At the same time, we are diligently managing working capital, reducing non-critical spend, and driving productivity improvements. At Gigafactory Shanghai, further volume growth resulted in a material improvement in margins of locally made Model 3 vehicles.
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