Tesla (TSLA) turns another profit in Q2 2020 — 'against all odds'

Tesla (TSLA) aces this quarter as well despite the entire automotive industry suffered significantly lower sales due to the global pandemic situation, Tesla was able to pull another profit that qualifies the company for inclusion into the S&P 500 index.

The Silicon Valley-based automaker reported a GAAP profit of $104M which has crushed the expectations of the Tesla naysayers and short-sellers, this translates to a per-share profit of $2 dollars and 18 cents (Tesla Q2’2020 financial update results PDF and Elon Musk Earning Call audio below).

Tesla reports fourth straight quarter of profits $TSLA #Tesla #EV @elonmusk pic.twitter.com/hkb22I5ehn
— Tesla New York (@TeslaNY) July 22, 2020

Jim Cramer the host of Mad Money on CNBC, a former hedge fund manager, co-found of TheStreet.com, and previously a Tesla critic and bear tweeted that “Tesla is not a stock”, the world must be thinking the Tesla Kool-Aid has taken over his cognitive ability, whatever it is, he is now a believer as well.

Tesla is not a stock
— Jim Cramer (@jimcramer) July 22, 2020

After the announcement of the Q2 2020 financial results, Tesla CEO Elon Musk along with other executives from the company held a webcast and Q&A session with institutional investors and journalists (listen to the full call below) — some of the interesting and exciting points from this conversation were posted on Twitter by our friends and active Tesla community members, let’s read:

Huge amount of great news on today’s @Tesla financial call, but my favourite line so far from @elonmusk …
“If you come work for Tesla Production Design you won’t be fed a toad sandwich”
— Mad Hungarian (@IanPavelko) July 22, 2020

"I've never been more optimistic, more excited, about the future of Tesla in the history of the company.” – @elonmusk $TSLA
— Tesla Daily (@TeslaPodcast) July 22, 2020

Elon Musk also said in the opening remarks of the earnings call that they have finally chosen Texas as the location of the Cybertruck Gigafactory, it will most probably be located in Austin for which we posted a few photos and video of the possible site last month. He had dropped the hints of the next US Tesla Gigafactory in the Q1 2020 Earnings Call, now things are being finalized.

The thing that bugs me the most is that our cars are not affordable enough. We need to fix that.
Elon Musk – Q2 2020 Earnings Call (Read more at CleanTechnica)

Tesla Q2 2020 Earnings Call (Webcast and Q&A Session)

Tesla Q2 2020 Financial Results Update

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By Iqtidar Ali