Hours after confirming it had signed a formal agreement with Japanese electronics giant Panasonic to build its new, $5 billion “Gigafactory,” battery-electric automaker Tesla Motors revealed it earned a modest $16 million during the second quarter of the year, or 11 cents a share.
That figure was nonetheless well ahead of the Wall Street consensus which had anticipated earnings of just 4 cents a share. The start-up automaker also noted that it had boosted production for the April-june period to 8,763 of its Model S sedans, with sales reaching 7,759. That drove a 55% jump in revenues, to $858 million.
Tesla’s profit is a matter of perspective. It was in the black – but only by using non-traditional accounting methods. According to the generally accepted “GAAP” methods, however, the maker lost $62 million, or 50 cents a share.