Following the release of its first quarter 2020 earnings report today, Tesla said that 2020 was the first time in its history that Tesla achieved a positive GAAP net profit in a routinely weak first quarter.
Tesla noted that while multiple locations were impacted by inefficiencies due to the suspension of production and deliveries, further increases in production at its Shanghai superfactory resulted in a significant improvement in margins for the locally manufactured Model 3.
In addition, Model Y contributed to the profit, which was the first time in Tesla's history that a new product was profitable in its first quarter.
Tesla also said that the Shanghai super plant's gross margin level is close to that of the U.S.-built Model 3, and that Model Y's gross margin was positive in the first quarter.
cash
Cash and cash equivalents at the end of the quarter were $8.1 billion, an increase of $1.8 billion.
Cash flow from operations less capital expenditure (free cash flow) was negative $895 million (with an outflow of $981 million due to inventory growth).
profitability
GAAP operating profit for the quarter was $283 million, with an operating margin of 4.7 per cent.
GAAP net income was $16 million, compared to non-GAAP net income (before share-based payments) of $227 million for the quarter.
The gross margin level of the Shanghai super plant is close to that of the American-made Model 3.
Model Y's first quarter gross margin was positive.
operate
Delivery of Model Y began much earlier than expected.
The Model S increases the range to 391 miles without the battery capacity increase.
The weekly production of solar roofs reached 1,000.
