Tesla (TSLA) Q2 2020 earnings call with Elon Musk set for July 22

Tesla (NASDAQ:TSLA) will be posting its Q2 2020 financial results on Wednesday, July 22, 2020. After the closing bell, the company will release a brief advisory with a link to its Q2 2020 Update Letter. TSLA will hold its regular Q&A session for the second quarter at 2:30 PM PST (5:30 PM EST). Retail and institutional investors, along with analysts, will discuss the all-electric car maker’s financial results for the second quarter.

Tesla posted its Q2 2020 vehicle production and deliveries report last week, surpassing the expectations of Wall Street. The company reported total production of 82,272 vehicles and total deliveries of 90,650 units in Q2. Among this number, Tesla delivered 80,050 Model 3 and Model Y vehicles, making up 88% of the company’s overall deliveries.

In the first quarter, Elon Musk stated that the Model Y was already profitable.

“In Q1, we produced more Model Ys in the first quarter than Model 3s in Fremont in the first two quarters. Thus far, the Model Y ramp has been even faster than the Giga Shanghai ramp in Q1. Most surprisingly — in other words, we are ahead of the schedule that we were ahead of already. Most surprisingly, Model Y was profitable already in its first quarter of production, something we haven’t achieved with any product in the past,” Musk said. It appears that the same could be said for the Model Y in the second quarter.

Gigafactory Shanghai appears to have contributed to Tesla’s promising production and delivery results. Tesla made up 23% of China’s overall EV market last month. Tesla sold 14,954 Model 3s in June, a 35% increase from the previous month. The release of the Long Range RWD Model 3 in China might have also boosted the company’s delivery numbers for the second quarter. This trend seemed to have been predicted by Tesla in Q1 2020, as per the statements of CFO Zachary Kirkhorn.

“In the near term, our Shanghai factory remains operational, contributing an increasing level of cash flows and profitability to the Company,” Kirkhorn said.

With better than expected delivery numbers and with Elon Musk being notably upbeat as of late, and with Tesla even launching literal short shorts as its latest merchandise, the electric car maker seems confident coming into the Q2 2020 earnings call. The most recent consensus among analysts states that Tesla could report a GAAP loss of $1.82 per share and a non-GAAP loss of $1.16 per share, as per FactSet data.

Disclosure: I have no ownership in shares of TSLA and have no plans to initiate any positions within 72 hours.

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