Tesla Q1 2020 Update
Since, things are slow, my notes....Misc:- Fremont plant idle since March 23rd- raised 2.3B in February, which seems really well timed now- Musk venting with "FREE AMERICA NOW" tweet makes him seem almost crazy- can see why Elon is going crazy on twitter, he'd almost turned around Telsa and now they may be in the worst cash crunch of their long life- Shanghai Giga reopened on Feb 10th, showing the importance of multiple factories around the world( around 150,000 in capacity once they get going for Model 3, Model Y not yet and should be incremental on top of Model 3 number)- Berlin Giga scheduled to start producing Model Y's in 2021, so capex drain for rest of year and probably into 2021- TSLA trying to run an amazon HQ2 like process for Truck and Model Y factories, look for small, southern, and poor cities to bid and probably winNumbers:- 1Q Revenue $5.99B vs Estimate $5.81B- 1Q Free Cash Flow ($895M) vs Estimate ($604.4M)- GAAP net income of $16M for 1Q- sale of ZEV in 1Q $354 million vs $133 million from Q4, not going to have this to bail out their quater in 2Q- 35 Megawatts of solar( down by about a third Q/Q)- sitting on $8.1B of cash, sweet!!  but burn rate is approx ($3-4B) a yearAfter:- semi not until 2021- not reaffirming numbers, will check in again in 2Q, makes senseWant to know:- Solar roof?  give up or start committing, hard to sell to consumer during shutdown- battery storage for energy, growth area or sign of lack of focus and minor distraction to core business?inventory growth?  Building cars no one is buying or still not able to keep up with growth or finally found balance between the two?- Will Elon stop with tweets that hurt Tesla?  Appoint a CEO, or COO to run things to take pressure of Elon?