Tesla solar business hits new lows in revenue, deployment

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From pv magazine USA

Building on the company’s profitable first quarter, Tesla reported positive second-quarter GAAP net income, marking four straight quarters of profit – the first time that has happened in the company’s history. Revenue reached $6.04 billion, with $428 million of that coming from regulatory credits.

CEO Elon Musk ended his initial summary of the results by saying he has “never been more optimistic or excited about the future of Tesla.”

The company credits the profit to “fundamental operational improvements.” It saw financial losses in the quarter due to both factory shutdowns and automotive revenue declining by 4% year over year, down to $5.18 billion from $5.38 billion in the second quarter of 2019.

While solar faltered a bit, Tesla’s storage business was able to regain its stride in the second quarter, with the installation of 419 MWh worth of storage, up 61% from the 260 MWh installed in the first quarter and 1% over the 415 MWh installed in the second quarter of 2019. The results also show that Megapack generated a profit for the first time in the second quarter.