Highlights from $TSLA earnings: - Surprise profit 💰 - Same goal to sell 500,000+ vehicles - $895 million in cash burn for the quarter
esla Inc. shares were enjoying praise from Wall Street analysts on hursday, although some warned the coronavirus pandemic will bring further adversity in the next few months.
esla “pulls another rabbit out of the hat, and in short-term trading, the positives likely outweigh the negatives,” Evercore ISI Chris McNally wrote in a note hursday.Positives from Wednesday’s earnings report included news that the Model Y, the newest vehicle on esla’s lineup, was profitable out of the gate, a first for a esla launch and likely because it shares many components with the Model 3.
Evercore analysts forecast production of between 60,000 and 65,000 vehicles in the second quarter, with Fremont making up to 35,000 and the Shanghai factory producing another 30,000.“We have been impressed by the ramp at the China facility amid the COVID-19 shutdowns, with the Model 3 outselling local brand models in the depressed market,” the analysts, led by Jeffrey Osborne, said in their note.
he second quarter “will be tough,” Sacconaghi said, but esla may still be able to deliver about 70,000 vehicles.
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