On Tuesday afternoon, Tesla announced that it ended the second quarter of 2020 with a GAAP profit of $104 million. That is now the fourth profitable quarter in a row for the US automaker, which may help the company move to the S&P 500 index. It took home $143 million in 19Q3, $105 million in 19Q4, and $16 million in 20Q1. However, the past 12 months’ profits still don’t offset the company’s $408 million loss in 19Q2.
Tesla ends 20Q2 with a positive free cash flow of $418 million and $8.6 billion in cash and cash equivalents. Tesla says in its presentation to investors that lower operating costs and greater income from regulatory credits, plus recognizing $48 million in payments for its “Full Self Driving” feature, were big helps to the balance sheet. These contrast the costs it bore for having to shut down the factory due to a raging pandemic, as well as having to pay CEO Elon Musk $101 million for one of his compensation milestones.
The automaker had already released data on its 20Q2 deliveries earlier in July, but to reiterate, it built 6,326 Models S and X, delivering 10,614 of the same. Model 3 and Y production clocked in at 75,946; in total, it delivered 80,277 of these vehicles for the three months in question. Impressively, total deliveries are actually up 3 percent quarter-on-quarter and only down 5 percent year-on-year—not bad for the middle of a global pandemic that has cratered new vehicle sales across the globe. In total, the company’s automotive business brought in $3.9 billion for the quarter.
Tesla says that, at the end of June, its factory in Fremont, California, was operating at capacity and that this ramp-up occurred much faster than with the Model 3. That’s not been without consequence—fan sites and owner forums have reported a plague of poorly assembled vehicles, and Tesla’s inclusion for the first time in an industrywide survey of initial build quality showed the automaker in last place.
Tesla says that it is installing new equipment at Fremont that will allow it to build 500,000 Models 3 and Y a year. It says that its second factory in Shanghai will be able to produce Model Y crossovers in 2021 and that construction of its third plant in Germany is underway. However, the investor report makes no mention of a possible new factory in Texas.
Tesla’s battery storage business also had a good second quarter to the year, deploying 419MWh, a 61 percent increase over 20Q1. But the same was not true for its solar operation, which is down 23 percent quarter-on-quarter. However, it claims that installations of its solar roof “roughly tripled” between 20Q1 and 20Q2. These two parts of Tesla’s business contributed $349 million in revenue for the quarter.
The company remains committed to bringing a new sportscar to market, as well as the Tesla Semi and the Cybertruck. But its spending on research and development has decreased yet again, to just $279 million for 20Q2, from $324 million for the previous three months.
Tesla says it is difficult to predict how the rest of 2020 will turn out. The company is still targeting delivering 500,000 vehicles in 2020, but this would mean getting nearly 321,000 EVs into the hands of customers in the remaining six months of the year. Tesla also says it will exceed its current operating margin of 5 percent. The share price of the world’s most valuable carmaker closed at $1,592 and has risen in after-hours trading.
COVID-19 Bulletin #150 – news.gov.mb.ca
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Ontario adds 151K new jobs in July, majority are part-time positions – CTV Toronto
Ontario added 151,000 new jobs in July, the country’s national statistics agency said, but the majority of them were part-time positions.
After losing more than one million jobs in a three-month time span following the declaration of the COVID-19 pandemic, Ontario added about 378,000 jobs in June. In July, employment in the province grew by 2.2 per cent.
The Labour Force Survey (LFS) released on Friday, which used the week of July 12 to 18 as a sample, said that businesses and workplaces across Canada have continued to reopen after being shuttered due to COVID-19 restrictions. At the same time, the survey was conducted while much of the province was still in Stage 2 of Ontario’s economic reopening plan.
“Although public health restrictions had been substantially eased in most parts of the country—with the exception of some regions of Ontario, including Toronto—some measures remained in place, including physical distancing requirements and restrictions on large gatherings,” Statistics Canada said.
Of the 151,000 jobs added in Ontario, Statistics Canada said that about 145,000 were part-time positions. The agency attributed that number to the fact that part-time workers were hit hardest by the shuttered economy months ago.
“This was due to a number of factors, including part-time work being more prevalent in industries that were most affected by the COVID-19 economic shutdown, namely retail trade and accommodation and food services.”
Ontario’s unemployment rate has now fallen to 11.3 per cent, down from 12.2 per cent the previous month.
In Toronto, employment also rose by about 2.2 per cent, with close to 26,000 jobs added in the city. Statistics Canada says that employment in Toronto has now reached 89.9 per cent of its February, pre-COVID-19 level.
Ontario Premier Doug Ford posted a brief message on social media Friday afternoon saying he was happy to see the July labour numbers.
“What I love are the job numbers today, 150,000 people going back to work, the premier said in a video on Twitter, noting that there is still work to do to rebuild the province’s economy.
“That is great news for the people of Ontario.”
About 419,000 jobs were gained across Canada in the month of July, reducing the national unemployment rate to 10.9 per cent.
16 new cases of COVID-19 reported in Manitoba Saturday – Global News
Manitoba public health officials announced 16 new cases of COVID-19 in the province Saturday.
That brings the total number of cases in Manitoba to 507.
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The province said Manitoba has now performed 100,074 tests for COVID-19 with 1,263 lab tests completed on Friday. The test positivity rate for Manitoba is 1.23 per cent.
The active caseload is 148 with 351 people considered recovered.
Nine people are in hospital due to the virus with three of those in the intensive care unit. The number of deaths attributed to the virus remains unchanged at eight.
Health officials say 12 of the new cases are from the Prairie Mountain health region and four are from the Southern health-Sante Sud health region.
While case investigations are ongoing, the province says a majority of today’s cases appear to be linked to known clusters in the Brandon area or close contacts.
© 2020 Global News, a division of Corus Entertainment Inc.
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