- Tram Ho
Yesterday, Tesla announced revenue of $ 5.99 billion in the first quarter of 2020 and the third consecutive quarter of profit. Meanwhile, Wall Street expects revenue of 5.9 billion USD in Q1.
The company reported profits in the first quarter of the year at $ 16 million.
However, Tesla also recorded a negative cash flow of $ 895 million – not fulfilling its previously announced goal of positive cash flow by 2020.
Tesla also withdrew its estimate in the investor’s update on Wednesday and said the company is capable of delivering 500,000 cars by 2020 but they are still unsure when U.S. factories and suppliers will have increased production after the Covid-19 outbreak. They also said that the short-term profit estimate “has not been made available yet”, pouring a cold water into the hope of achieving a profit for the first time.
Earlier, Tesla said it delivered 88,400 vehicles in the first quarter of 2020.
Explaining the meager sales of energy products in the quarter, Elon Musk said that “Covid-19 basically caused the plant to close”. Tesla reported $ 324 million in energy and storage products for the quarter.
This phase marked Tesla’s first quarter of a factory in Shanghai in operation.
Last quarter, revenue was about 7.38 billion USD – a record high thanks to this is the holiday season, while Q1 2019 revenue reached 4.53 billion USD.
The influence of Covid-19
The government forced Tesla to suspend production to prevent the spread of the virus at its car factory in Shanghai for two weeks in February. By the end of March, Tesla had to close factories again. in America.
Musk said: “I think we are a little worried about not being able to restore production in the Bay Area and that is clearly a serious risk. We only have 2 car factories right now one in Shanghai and 1 in the Bay Area “.
Musk was quite disappointed in this and even insisted with a swear word.
Tesla’s main U.S. car factory in California is currently operating at its lowest capacity since March 24 at the request of local authorities. Meanwhile, the company also suspended production at a suburban battery factory in Reno, Nevada, and a factory in Buffalo, New York, which makes parts for batteries and charging points.
The impact of the closure of factories will affect Tesla’s balance sheet in the second quarter of 2020. The company has given a part of its employees a leave of absence for pay, reduced wages and firing of appropriate employees. copper, temporary.
Even so, Tesla can sell cars online and ship them to customers across the United States.
According to CNBC
Source : Genk