As Tesla announced gains in its second-quarter earnings report, the EV company also hopes to add two new models after the Cybertruck. TSLA stock is up today.
Apart from the Model Y crossover, Model 3, and the Cybertruck, Tesla Inc (NASDAQ: TSLA) has announced plans to develop two new models. CEO Elon Musk revealed this during a conference call with investors and analysts. Also, during the call, Elon Musk announced gains for the second quarter of the year. As part of its growth, the automotive company is set for more work with the new models in view.
Last month, there were rumors that Tesla would be partnering with The Boring Company to deliver a 12-passenger van. Now, the CEO’s announcement seems to authenticate the information. In his speech during the conference call, he says the new models would comprise “…a compact car of some kind and probably a higher capacity vehicle of some kind.” Also, he added that there is no speculated time for the production of the new models.
Tesla Second Quarter Profits
On Wednesday, the 22nd of July, Tesla released its second-quarter earnings report marking a fourth consecutive profitable quarter for the company. Despite having its Fremont factory shut down for most of the quarter, Tesla still delivered an impressive second-quarter result. The report shows that Tesla pulled in a net income of $104 million.
On vehicle production and delivery, the EV company produced more than 82,000 vehicles and delivered over 90,000 in the second quarter. This is an accomplishment for the automotive company as many companies, including automakers are still recovering from the effect of the coronavirus pandemic.
According to the second-quarter results report, the company produced 6,326 Model X and Model Y vehicles and delivered 10,600. In total, the company produced over 82,000 vehicles and delivered 90,650.
Considering the recent gains, Tesla is making its way into the $1 trillion club. In addition, the company is confident of more profits for the rest of the year. According to the report:
“We believe the progress we made in the first half of this year has positioned us for a successful second half of 2020. Production output of our existing facilities continues to improve to meet demand.”
Also, the company plans on building new factories:
“Later this year, we will be building new factories on three continents simultaneously.”
Tesla (TSLA) Stock after Announcement of Two New Models
In the last few months, Tesla has been growing in all areas, including its stock. Just six months ago, Tesla shares were up at $500 each. However, in the last few months, the stock has surged significantly and hit $1,600 at some point.
Currently, days after the news about new models from Tesla, TSLA is trading at $1,468.94, a 3.67% gain over its previous close of $1,417. Since January, Tesla’s stock has climbed over 244.11% and jumped over 80% in the last three months. Also, the stock rose 42.88% in the past month. However, TSLA declined around 10% in the last five days.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.