Financial results
Tesla released its Q1 2020 financial report yesterday after the market closure, followed by a shareholders letter with some news for investors.
The beginning of 2020 was the time when the coronavirus started its worldwide spread, bringing suffer to many companies. Tesla was hurt as well, though the numbers show that the automaker feels great and has all chances to go through tough times with ease.Wall Street forecast says that Tesla would show $6.1b in revenue with $0.32 loss per share. However, the reality differs: Tesla met the expectations with $5.985b of revenue, but showed a profit of $0.09 per share (Non-GAAP). A strong cash position with $8 billion is yet another advantage helping to pass through the pandemic.
Cybertruck Gigafactory
According to what Elon Musk published following the quarter report, Tesla is about to name the location for a new Gigafactory in the US. The future facility will mostly produce Cybertruck pickups and that’s the reason why the automaker is looking at the Middle West states where pickup trucks are extremely popular. So far Missouri, Kansas and Tennessee expressed their interest and readiness to invest into the new Tesla facility.
Semi launch and other projects timing
As it usually happens, Tesla gave updates on new models and projects in development phase.
Being one of the most anticipated Tesla projects, Semi truck is unfortunately postponed to 2021. Back to Semi unveiling event in 2017, Tesla claimed it would be launched in 2019. However, a semi truck is quite complicated vehicle, and Tesla wants to bring it in a top notch design with highest durability, so the Semi production launch was postponed several times so far. Elon Musk also promised to give an update about Tesla Semi and next-gen Roadster later this year.
Though, other Tesla projects are luckily meeting their schedules. Tesla report says that they expect thorough ramp up of Model Y production in Fremont and Model 3 in Shanghai throughout Q2 2020, while Chinese Gigafactory and upcoming GIga Berlin should both launch the Model Y production in 2021.
