{"id":151743,"date":"2020-10-21T15:40:25","date_gmt":"2020-10-21T15:40:25","guid":{"rendered":"https:\/\/www.bnreport.com\/tesla-charging-up-for-another-quarterly-profit-to-propel-musk-into-the-sp-500\/"},"modified":"2020-10-21T15:40:25","modified_gmt":"2020-10-21T15:40:25","slug":"tesla-charging-up-for-another-quarterly-profit-to-propel-musk-into-the-sp-500","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/tesla-charging-up-for-another-quarterly-profit-to-propel-musk-into-the-sp-500\/","title":{"rendered":"Tesla charging up for another quarterly profit to propel Musk into the S&P 500"},"content":{"rendered":"

<\/p>\n

Tesla Inc<\/a> (NASDAQ:TSLA<\/a>) will lift the boot on quarterly earnings and various operational developments after-hours today, the same day that a member of the automotive old guard launched a rival to its planned Cybertruck.<\/p>\n

The electric car maker\u2019s second-quarter profit of US$104mln back in July was the first time it has managed to turn a profit for four quarters in succession.<\/p>\n

READ: Tesla's battery ambitions are significant for patient, medium-term investors<\/a><\/strong><\/p>\n

This is one of the boxes the company needs to tick for the shares need to be included in the S&P 500 index, so another quarterly profit can do no harm after missing out last month.<\/p>\n

Wall Street analysts on average forecast Tesla\u2019s will deliver an adjusted profit of 57 cents a share for the past quarter, according to FactSet, up from 33 cents per share a year ago, on revenues up 31% year-on-year to US$8.3bn.<\/p>\n

The company has already revealed that its factories in California and Shanghai turned out just over 145,000 vehicles in the past quarter<\/a><\/strong>, up 76% on last year, while deliveries were up 43% to 139,300.<\/p>\n

The rise was driven by a significant boost in the mass-market Model 3 and newer Model Y cars, where combined production increased 60% to 128,044.<\/p>\n

Boss Elon Musk recently announced a price cut to the luxury Model S, following cuts to the group\u2019s other models, as he looks to hit his production target for this year of 500,000, which will need output to accelerate to 181,000 in the final three months of the year.<\/p>\n

\u201cWe think the expectation is that they will fall short and we believe that the Street will be forgiving, understanding that the Covid factory shutdowns were the culprit,\u201d said analysts at CFRA.<\/p>\n

The Street and Musk\u2019s legion of investors, fanboys and detractors will all be keen to hear any hints on this, plus updates on the construction of new Tesla gigafactories that are expected to completed next summer in Berlin-Brandenburg, Germany and Austin, Texas.<\/p>\n

\u201cThe key catalyst for Tesla in the short-term is the growing EV market in China which is supplied through its Gigafactory in Shanghai and the outlook for China sales is key to how the stock price will react," saidRead More \u2013 Source<\/a>
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Proactiveinvestors<\/a><\/h5>\n

[contfnewc]
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