Tesla blows away estimates as deliveries ramp up, targeting 500K by year’s end amid coronavirus

Tesla (TSLA) reported third-quarter sales and profit that topped expectations, as the company doubled down on its guidance to achieve a record 500,000 vehicle deliveries in 2020 in the face of a global economy still weighed by the COVID-19 outbreak.

Shares soared by over 4% in after-hours trading, adding to a stock run-up of more than 400% for the year to date through Wednesday’s close.

Here were the main results from Tesla’s earnings report, compared to consensus estimates compiled by Bloomberg:

Ahead of its third-quarter earnings results, Tesla reported earlier this month that it had handed over a record 139,300 vehicles during the three months to September, for an increase of more than 40% over last year. Investors had been homing in to see whether the company still planned to hit a half-million deliveries for the full year.

Still, in order to meet that goal, the company would need to deliver more than 180,000 vehicles in the fourth quarter in an economy still stricken by the virus. On Wednesday, Tesla reiterated ithat it has the capacity installed to produce and deliver 500,000 vehicles this year.

“While achieving this goal has become more difficult, delivering half a million vehicles in 2020 remains our target,” the company said. “Achieving this target depends primarily on quarter over quarter increases in Model Y and Shanghai production, as well as further improvements in logistics and delivery efficiency at higher volume levels.”

Tesla CEO Elon Musk gets back into his Tesla after talking to media before visiting the construction site of the future US electric car giant Tesla, on September 03, 2020 in Gruenheide near Berlin. – Tesla builds a compound at the site in Gruenheide in Brandenburg for its first European “Gigafactory” near Berlin. (Photo by Odd ANDERSEN / AFP) (Photo by ODD ANDERSEN/AFP via Getty Images)

The more affordable Model 3, and newer Model Y, comprised the bulk of the deliveries and all of the growth during the third quarter, while higher-priced Model S and X deliveries declined by more than 12% over last year.

Tesla, however, has been steadily slashing prices especially on its higher-end models in a move that may serve to stoke demand. Last week, it cut the starting price of the Model S twice to $69,420.

The car maker has also been ramping up production and deliveries out of its Shanghai Gigafactory, which has given the company a valuable hub in the world’s largest market for electric vehicles. And auto sales overall in China have rebounded strongly off the lows of its coronavirus lockdown, with sales climbing nearly 13% for a sixth straight monthly gain in September.

Tesla doesn’t break out vehicle deliveries by region, but analyst Dan Ives of WedBush pointed to Model 3 demand out of China as a “linchpin to the global Tesla demand picture,” according to a note this week. Tesla said Wednesday that its Model 3 production capacity had increased to 250,000 units per year, from the 150,000 annual run-rate it targeted initially after the factory first came online in December last year.

The California-based company also broke ground at its second overseas factory in Berlin earlier this year. There, construction “continues to progress rapidly,” the company said in its earnings report, and production is expected to start in 2021.

Tesla’s third-quarter results also come just weeks following the company’s inaugural “Battery Day” in late September. There, CEO Elon Musk laid out a path for the company to begin manufacturing its own “tabless” batteries to improve the cars’ range and power, and eventually help the company launch a $25,000 vehicle.

This post is breaking. Check back for updates.

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

Read more from Emily:

Find live stock market quotes and the latest business and finance news

For tutorials and information on investing and trading stocks, check out Cashay

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and reddit.

Sign up for Yahoo Finance Tech newsletter

Yahoo Finance Tech
Yahoo Finance Tech

Source link

Mum pays $500k over reserve to buy Surry Hills dump for her daughter

No. 109 Albion St, Surry Hills, sold for $2.5m — $500k above its reserve.

A builder mum has paid $2.5m — $500k over reserve — for a Surry Hills renovator’s delight for her daughter to live in.

Laing and Simmons Double Bay principal Steven Zoellner said his investor client would have been happy to secure $1.8m for the rundown five-bedroom terrace on busy Albion St that they’d been renting out to students.

“But this was one of those auctions you only get every 10 years,” Zoellner said.

“Both myself and the owner were jumping for joy at the result … the house needed a major reno and it’s not the quietest street!”

The student digs attracted swarms of builders and renovators, who could see the potential beyond the peeling paint, rising damp and dated, very basic interiors. Part of the appeal was a four-car garage, which is rare in the inner-city.

Tailor to the stars sells in Tamarama

Comanche skipper buys Hyams Beach trophy

There was evidence of rising damp and peeling paint, both inside …

At this week’s auction with auctioneer David Scholes, Zoellner had five register with four ultimately fighting it out from $1.75m, initially with $50k increments but then a series of $1000 bids.

“It went on forever — at least half an hour,” Zoellner said.

The mum, who works for a building company, plans to do the well-needed renovation before her daughter moves in.

Paddington house combines practicality with perfection

There’ll be no such work required at a Paddington home, which sold for a whopping $6.72m at last night’s auction.

Richardson & Wrench Double Bay’s Marion Badenoch and Veronika Turnbull were guiding $6m before the Wentworth Courier House of the Week at the start of the campaign but this rose to $6.6m as interest grew in 13 Stephen St.

No. 13 Stephen St, Paddington, is freestanding and extra wide at 12m across.

More from news

Tailor Patrick Johnson and interior designer wife Tamsin sell ‘one-of-a-kind’ Tamarama semi post auction
Comanche skipper Jim Cooney and Samantha Grant buy ‘trophy beachfront’ at Hyams Beach

It has beautiful interiors.

It was called onto the market at $6.6m last night.

With auctioneer Jesse Davidson presiding, the bidding opened at $5.9m and initially rose in $50k increments, with then a series of $10,000 and $5000 offers.

It was also a long auction lasting about half an hour.

There’d been 104 people through the home during the campaign. “It was a great result,” said Badenoch.

“Wide freestanding homes in Paddington are rare … the space brought them here.

“There were five generous bedrooms and four bathrooms and people loved that you could enter the home on the middle floor.”

Although the home attracted a lot of interest from Paddington families, the eventual buyers came through with a buyer’s agent and they were from outside the area.

Source link

Former accountant awarded almost $500k compensation for injuries suffered while driving home from work

A Queensland woman has won nearly half a million dollars in damages after a car accident in Canberra seven years ago, which she says ended her career.

The woman suffered whiplash after a crash with another car on the way home from work in 2013.

She told the ACT Supreme Court the headaches and restricted movement afterwards meant she could only work part time in her job as an accountant.

She said prior to the accident she had aspired to become a partner at a major firm.

The court heard she had tried to work part time in several accounting jobs in Canberra before her family went travelling in a caravan and eventually settled in Queensland.

The woman now works as a deckhand on a ferry, which she said did not aggravate her injuries despite the heavy physical labour.

Video of woman pruning did not discredit injuries

Initially the woman had sought more than $1 million in compensation for lost earnings, superannuation and costs.

But insurer NRMA questioned the extent of her incapacity, including collecting surveillance of her pruning her garden.

Her lawyers had claimed she was no longer able to prune higher than waist height due to pain and discomfort.

But Acting Justice Robert Crowe said he did not place any weight on the surveillance evidence.

“It showed pruning activity which was fairly innocuous given the plaintiff’s evidence-in-chief, and which lasted only a short time.”

But he said he was sceptical of some of the woman’s evidence.

“It seemed to me that, perhaps due to some extent to her involvement in the litigation, the plaintiff had become overly focussed on her symptoms.

“She did tend to blame whatever symptoms she had from time to time (for example, blocked ears) on the motor vehicle accident,” Justice Crowe said.

But Acting Justice Crowe found despite his reservations, the woman was a reliable witness, who responded appropriately to a long and rigorous cross examination.

“Suffice to say that I am not persuaded that the plaintiff was deliberately lying or fabricating as urged by the defendants,” he said.

The woman was awarded $493,000 for damages, past and future lost earning capacity and superannuation.

Source link

COVID-19 death toll passes 100K, total recoveries approach 500K in U.S.

County map of the U.S. shows the number of reported coronavirus related COVID-19 deaths as the total number has now officially reached 100,000 (AP Photo).

OAN Newsroom
UPDATED 1:20 PM PT — Thursday, May 28, 2020

In just four months, the coronavirus has led to over 100,000 deaths in the U.S. The number was reported by Johns Hopkins University on Wednesday, with the first virus related fatality in the U.S. occurring in early February.

Though several coronavirus measures to limit the virus’ spread, like mask wearing and lockdowns, have turned partisan since they were introduced, the grief brought on by the so-called “invisible enemy” has been felt across party lines.

On Wednesday, the president extended his sympathies to those affected by COVID fatalities.

Presumed Democrat presidential nominee Joe Biden also relayed his grief.

“There are moments in our history so grim, so heartrending, that they’re forever fixed in each of our hearts,” he said.

A woman waves an American Flag from Fort Monroe as the USNS Comfort returns to Norfolk from New York Friday, May 1, 2020. (Jonathon Gruenke/The Daily Press via AP)

The latest report on COVID deaths reflected only a small part of the loss that has impacted millions. Families and friends continue to grieve lost loved ones during these times.

“I kept texting her, wanting to believe that it wasn’t true that she had passed away,” said the daughter of one health care worker.

Meanwhile, workers on the front lines have been witnessing these losses firsthand.

“One of the hardest moments was having to see a family member of a COVID patient say goodbye over an iPad rooms away,” explained one medical worker.

Funeral home officials have worked tirelessly to keep up with the increase in demand.

“I don’t want to apologize, because I am doing the absolute best I can,” said one funeral director. “But if it’s not good enough, I am sorry, deeply sorry.”

In this May 22, 2020 photo, people walk past American flags flying at half-staff at the Washington Monument in Washington. (AP Photo/Patrick Semansky)

The knowledge of these lost lives has been felt across our nation, especially over Memorial Day weekend when flags were lowered to half-staff by the president.

However, there is cause for hope and optimism in the U.S. According to the CDC, nearly 500,000 Americans have recovered from the virus.

“I’m a man of faith,” stated one survivor. “As much as possible, I try to put things in God’s hands, and I got healed.”

In addition, critics have noted the current death toll may be inflated, since it counts all people who died with COVID-19 instead of counting only those who died as a direct result of the virus.

MORE NEWS: Long Island Reopens, Leaving New York City On Pause

Source link