Tesla in the Black for Q2 Despite Analyst Predictions Tesla has posted a net income of $26.3 million rather than the $19 million loss that analysts had predicted for their second quarter.
Tesla has posted a net income of $26.3 million rather than the $19 million loss that analysts had predicted for their second quarter. This is in stark contrast to Tesla’s Q2 earnings of last year which saw a $92.3 million loss for the company.
The higher-than-expected $401.5 million in revenue that put the automaker into positive numbers is based on the 5,150 electric cars sold during the quarter, and reportedly, is due to a boost in production “from 400 to almost 500 vehicles per week.”
Tesla’s shares climbed 13 per cent in after-hours trading after second-quarter numbers were announced, raising the market value of the automaker to about $15.5 billion, about a quarter of the value of Ford Motor Company.
With a positive balance sheet indicating about $750 million in cash for the company, (largely due to the $1 billion in capital recently raised) Tesla was able to repay the $440 million borrowed from the U.S. Department of Energy.
The California-based automaker has also recently launched into the wealthier European markets in countries like Norway, The Netherlands, and Switzerland.
Source: LeftLane News