Today, Tesla released what was perhaps the most highly anticipated quarterly earnings letter to date as the factory shutdowns and business impact from COVID-19 put the company’s hope of achieving its first full year of profitability in jeopardy.
When Tesla’s Q2 2020 earnings letter finally went live a few minutes ago, investors were finally able to relax, as Tesla did indeed post its fourth quarter in a row of profitability, thanks to a healthy dose of regulatory credit sales in the quarter. The letter and subsequent earnings call at 2:30 pm Pacific Time today (watch our livestream here or embedded below) is a great opportunity for us to get a snapshot of the company’s operational, supply chain, and financial performance to date.
On the call, Tesla CEO Elon Musk confirmed the location of what is now known as Giga Texas, just outside Austin. The new factory will, as we expected, produce the Cybertruck, but also the Tesla Semi, Model Y, and Model 3 for customers in the Eastern United States.
The location of Tesla’s 5th Gigafactory was expected to be in Texas, but until today, Tesla was still going back and forth between Austin, Texas, and Tulsa, Oklahoma. The new 2,100 acre facility currently houses an old cement production facility and construction of the new Giga Texas factory kicked off this past weekend.
Building vehicles in a location in the central United States will help endear a completely new set of potential customers to Tesla, to electric vehicles, and perhaps most importantly, to the Cybertruck itself. Tesla has risen rapidly for those in the technology, clean technology, and environmental segments, but is still largely a mystery to many customers around the world, including millions of truck drivers using their vehicles as a tool for work.
A Made in Texas factory for the Cybertruck establishes the Tesla Cybertruck as a true Made in America vehicle, not just a shiny lawn ornament for treehugging hippies in California.
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