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Tesla Remains Profitable Despite Production Halts

Tesla Remains Profitable Despite Production Halts
Tesla Remains Profitable Despite Production Halts

Video: Tesla Remains Profitable Despite Production Halts

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Tesl has released its first quarter 2020 financials, according to which the electric vehicle maker is making a profit for nine consecutive months. The indicators were not even affected by the stop of the conveyors due to the coronavirus pandemic.

TeslModel 3
TeslModel 3
TeslModel Y
TeslModel Y
  • In the first three months of 2020, Tesla's net profit reached $ 16 million against a loss of $ 702 million in the same period last year. Revenue increased by 31.8% to $ 5.985 billion. By comparison, Ford reported a $ 2 billion loss in the first quarter and predicts another $ 5 billion in losses over the next three months.
  • To fight the coronavirus, according to the decision of local authorities, Tesl forcedly closed its Shanghai plant at the end of January for almost a month. Since mid-March, American conveyors have been stopped, and one of them, in Fremont, has not yet resumed production of electric vehicles.
  • Tesla is showing good financial performance in connection with the start of production in the United States of the junior crossover Model Y. Its release started at the end of January, although it was planned that this would not happen until the fall of 2020. However, the first copies turned out to be of poor quality. One customer received a car with an inoperative electric boot and loose, dirty parts.

  • Tesl said the company still expects to release a record 500,000 electric vehicles in 2020, despite supply disruptions. Earlier it was announced that 88,400 cars were given to buyers in the first quarter. Of these, 76,200 were Model 3 sedans and Model Y crossovers, and the remaining 12,200 were the more expensive Model S and Model X.

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