Show #764

 

Good morning, good afternoon and good evening wherever you are in the world, welcome to EV News Daily for Thursday 30th April 2020. It’s Martyn Lee here and I go through every EV story so you don’t have to.

 

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TESLA Q1 2020 EARNINGS CALL SUMMARY

 

Tesla just released its Q1 2020 earnings report and for the first time ever, the automaker reports a Q1 profit. The main financial details from the Q1 2020 report are as follows:

$5.985 billion in revenue

Profit of $0.09 per share

 

MODEL Y

In early Q1, we began production of Model Y in Fremont, using a combination of new production lines as well as shared capacity with Model 3. Our simplified and scalable approach to manufacturing is starting to take effect. We were able to build more Model Y vehicles in its first quarter of production than in the first two quarters of Model 3 in 2017. Model Y production also exceeded the first quarter of production of Model 3 in Shanghai, demonstrating continued improvements in program execution. Additionally, we achieved positive gross margin for Model Y in its first production quarter.

 

REVENUE

In Q1, we reached our highest ever revenue for a seasonally slower first quarter as our total revenue grew 32% YoY. Sequentially, our revenue was mainly impacted by lower deliveries, driven primarily by limitations on our ability to deliver vehicles towards the end of the quarter. As expected, our average selling price (ASP) declined further as our mix continues to shift from Model S and Model X to the more affordable Model 3 and Model Y.

 

 

 

“Tesla’s net income for Q1 was small—just $16 million. Revenue for the quarter came in at $5.99 billion—higher than the $5.8 billion and slight loss that had been expected, but still down 19% from the previous quarter.  While those financials revealed in its Q1 report—and its first-ever Q1 profit in this difficult time—are a surprise to Wall Street, many of the numbers found on the rest of Tesla’s report, which precedes a quarterly call with analysts and investors later today, closely followed what was reported earlier. Despite the shutdowns, Tesla also had its best Q1 ever in terms of vehicles produced.” according to Green Car Reports: “On a 12-month trailing basis, Tesla claims that its deliveries are nearing 400,000—reflecting its strong growth in 2019—and it noted that “installed capacity” at its Fremont factory will extend to 500,000 this year.  Tesla also revealed that it “achieved positive gross margin for Model Y in its first production quarter.” In other words it’s already making a profit on the Model Y—a first for any model from the company at such an early stage.  Model Y deliveries from the company’s Gigafactory Berlin are anticipated in 2021, and Tesla also plans to eventually make Model Y in Shanghai.”

 

https://www.greencarreports.com/news/1128002_tesla-aims-to-scale-up-model-y-after-profitable-q1-but-delays-semi-deliveries-to-2021

 

“Tesla currently sits on $8.1 billion in cash, which should help the company weather the effects of the coronavirus pandemic. Tesla Model Y production has also outpaced the initial ramp of the Made-in-China Model 3. This is a notable feat considering the fact that Tesla China’s Model 3 ramp is already far quicker than the company’s push for the sedan in Fremont.” says Teslarati: “Elon did admit that he is a bit worried about the Fremont factory’s ongoing shutdown. He reiterates his recent controversial points on Twitter, criticizing the ongoing lockdown procedures in the Bay Area. He did state that it is not only Tesla that is at risk with the ongoing shutdown, as other companies are also in crisis now.”

 

Tesla (TSLA) Q1 2020 earnings call summary (Live Blog)

 

Fred’s take from Electrek: “A surprise little profit is nice, but I think the best news in the results is an automotive gross margin of 25.5% and even positive gross margin on the Model Y. Both very impressive results. As for the bad news, it’s definitely the negative cash flow, which was to be expected due to Tesla producing about 15,000 cars that they couldn’t deliver at the end of the quarter due to limited operations amid the shelter-in-place orders. It increased its inventory significantly.”

 

Tesla (TSLA) releases Q1 2020 results: surprise with some profit

 

TESLA SOLD UNDER 150,000 MODEL 3S IN LAST 4 QUARTERS IN THE U.S.

“By the way of presenting the market potential for the Model Y, Tesla unknowingly revealed also the sales results for the Model 3 in the U.S. market.” says InsideEVs: “We say unknowingly because obviously the company has the data, but doesn’t want to report it to the public. Frankly, many other manufacturers also don’t want to do it. The Q1 financial report shows us an interesting chart, which shows that during the last four quarters (Q2’2019 – Q1’2020) the company delivered under 150,000 Model 3 in the U.S. Taking into consideration previous data released by Tesla as well as other sources and IEVs’ estimations, we assume that the U.S. sales of the Model 3 amounted in Q1 to about 18,000 (20% down year-over-year). Sales of the Tesla Model Y (which started in March) are estimated at above 3,000. We assume 3,200. Tesla also wrote that “We were able to build more Model Y vehicles in its first quarter of production than in the first two quarters of Model 3 in 2017.” This means the production for sure was above 2,685.”

 

https://insideevs.com/news/419303/4-quarters-us-tesla-model-3-sales/

 

AFTER MODEL Y TEARDOWN, TESLA TALKS ABOUT CAST PARTS IN Q1 2020 UPDATE

“Tesla says the Model 3 has 70 stamped parts for its rear underbody. It also confirms the Model Y has only castings for that structure, but it names only two. This is possibly because the company does not consider the bracket that joins them as relevant. Anyway, it is also cast.” repoorts InsideEVs: “The promise contained in the Q1 2020 Update is that the two castings will be “eventually a single piece.” Sandy Munro mentioned in a recent video Elon Musk had promised that.”

 

https://insideevs.com/news/419266/tesla-model-y-cast-parts-q1-2020/

 

TESLA MODEL 3 REACHES #1 IN EUROPE

” The European passenger plug-in vehicle market had 84,000 registrations in March (+41% year over year/YoY), a great performance considering the effect that several lockdowns across the continent have had. Furthermore, this is while the overall auto market was crashing (-52% YoY), inflating last month’s plug-in vehicle share to an amazing 9.9% (6% fully electric vehicles/BEVs).” writes CleanTechnica: “The usual end-of-quarter flood came for the world’s electromobility poster child, with 16,121 deliveries, giving the sports sedan its first European Best Seller title in 2020. The rabbit out of Tesla’s hat last month was the UK, with the Californian registering a record 4,718 units there, but that wasn’t the only 4-digit performance, as 2,034 deliveries were recorded in Germany, 1,385 units in France (a new record), 1,339 in the Netherlands, and a best ever 1,084 units in Sweden.”

 

Have a look at Jose Pointes and his ev-sales blog.

 

Tesla Model 3 Reaches #1 In Europe As Europe Reaches 10% EV Market Share — March 2020

 

EPA DENIES ELON MUSK’S CLAIMS OVER TESLA MODEL S RANGE TEST

“The Environmental Protection Agency has rebuffed comments Tesla CEO Elon Musk made concerning what he calls an error during the Model S Long Range’s testing process, which the executive says cost the car a 400-mile range estimate. The agency tells Roadshow it conducted the testing properly.” according to CNET: “Musk said the Model S Long Range should boast a 400-mile range estimate, but instead, the EPA gave it a 391-mile estimate. Why? According to the CEO, at some point during the testing process, someone left the keys inside the car and the door open overnight. The Model S entered a “waiting for driver” mode, which depleted 2% of the EV’s range, hence the sub-400-mile rating.”

 

https://www.cnet.com/roadshow/news/elon-musk-tesla-model-s-epa-400-mile-ev/

 

TESLA CONFIRMS SELF-DRIVING AS A SUBSCRIPTION SERVICE BUT BRACE YOURSELF FOR THE PRICE

“Tesla has confirmed that it will offer its Full Self-Driving package (FSD) as a subscription service, but you should brace yourself for the price.” says electrek.

Elon Musk said: “”I think we will offer Full Self-Driving as a subscription service, but it will be probably towards the end of this year. “I should say, it will still make sense to buy FSD as an option as in our view, buying FSD is an investment in the future. And we are confident that it is an investment that will pay off to the consumer – to the benefit of the consumer. In my opinion, buying FSD option is something people will not regret doing.””

 

Over $100 dollars a month.

 

Tesla confirms self-driving as a subscription service but brace yourself for the price

 

 

QUESTION OF THE WEEK

 

What car have you driven in your lifetime you would love to be able to convert to EV?

 

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