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Invest in shares and ETFs on the Australian share market.
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- Tesla Second Quarter 2019 Update
- Net loss declined significantly compared to Q1.
- The company ended the quarter with the highest level of cash and cash equivalents, which is $5.0bn.
- Model 3 has also received the highest ever ratings from stringent testing protocols.
- Model 3 deliveries reached an all-time record of 77,634 and were the best selling premium vehicle in the US.
- Gigafactory Shanghai is taking place, and in quarter 2, they started moving machinery into the facility. The second generation of Model 3 which is a more cost-effective version, could be a long-term opportunity for Tesla.
- Preparations for Model Y started in Fremont in the second quarter.
News & analysisTesla Second Quarter 2019 Update
Tesla, the electric car maker, reported its second-quarter earnings on Wednesday in late US trading hours. Despite record production and deliveries, Tesla missed revenue estimates. The company reported a net loss of $408 million. Its share price fell by more than 20% since the beginning of the year after reaching a high of $380.
Source: Bloomberg TerminalAfter the release of the second-quarter results, we saw a drop of 12% in the after-trading hours.
Despite the wider-than-expected loss, the company reported a recovery compared to the first quarter:
Even though the earnings missed expectations, the company has improved, generated free cash flow and is sitting on more capital.
“This quarter, we are simplifying our approach to guidance. We are most focused on expanding our manufacturing footprint in new regions, launching new products and continuing to improve the customer experience, while generating and using cash sustainably.”
Click here for more information on trading Share CFDs, also, see our Index Trading page for information in trading Indicies.
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