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Tesla share price: rally set to go up a gear

CMC Markets

Tesla’s share price pushed higher in post-market trading last night following the release of its second quarter results. 

The company revealed a profit of $104 million, its fourth consecutive quarterly profit. This caught some traders’ off-guard as there was a feeling the firm could slip into the red on account of the issues surrounding the pandemic. Revenue for the period was $6.04 billion, and that topped the $5.37 billion consensus estimate.

Seeing as the company posted four consecutive quarterly profits, it is eligible to join the S&P 500 index. The Tesla share price has rallied over 350% since the lows of March. If the stock is added to the well-known index, not only would it add cachet, but some tracker funds would be required to hold the stock, and in turn push up demand.     

The group derived $428 million from regulatory credit in the quarter, and that was a big increase on the $111.2 million it received in the same period last year. It’s aiming to double its regulatory credit revenue in 2020 relative to 2019. Seeing as governments around the world are keen to push environmentally-friendly policies, the firm is likely to see this income stream grow over the years.

Tesla share price boosted by delivery numbers

Austin, Texas, will be the location of the company’s next factory. The site will be used to manufacture the Semi and the Cybertruck, as well as Model 3s and Model Ys that are bound for the eastern half of the North American market. The plant at Fremont, California, will focus on Model Ss and Model Xs for all markets. In addition to that, it will produce Model 3s and Model Ys for the western half of North America.     

Traders reacted well to the first quarter update in April. Revenue for the three month period was $5.99 billion, and that was in line with estimates. Profit was a meagre $16 million, but it was the third consecutive quarterly profit so the consistency was well-received. The auto-manufacturer said that its facilities had the capacity to produce 500,000 vehicles, but it tempered expectations but mentioning the supply chain issues caused by the pandemic. In the quarter, the company delivered 88,400 vehicles, and that was a drop from the record 112,000 vehicles delivered in the fourth quarter of last year. The strong finish in terms of production helped the group deliver 367,500 vehicles in the financial year, and that was a 50% increase on an annual basis. It is worth noting the firm achieved the lower end of its target of delivering 360,000-400,000 vehicles.      

At the start of this month, the Tesla share price was given a jolt higher on the back of the second quarter delivery numbers. The company delivered 90,650 vehicles, and according to a survey from Factset, the consensus estimate was roughly 72,000. A broader poll of analysts’ estimates put the forecast at roughly 83,000. The announcement showed the organisation was performing well considering the chaos caused by the health crisis.

China is the largest electric vehicle market in the world, hence why Tesla has a factory in Shanghai. Less than two weeks ago the Tesla share price received a boost from the chatter that it was going to open a second operation in China. It was reported in the China Securities Journal the group might seek to build a sales and maintenance site rather than a manufacturing plant.

The Tesla share price has been in an uptrend since mid-March and while it holds above the $1,400 mark, the bullish run is likely to continue.


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