Tesla Tripled Solar Roof Installations In Q2 2020
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 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.
This quarter, while much of Tesla’s business was flat quarter on quarter due to coronavirus, we learned Tesla was able to triple the number of Solar Roof installations in Q2 compared to Q1. The improvement in installations shows Tesla has continued the production of Solar Roof systems at Giga Buffalo in New York and, more importantly, to ramp up the installations of Solar Roof systems.
Many of these systems were likely permitted in Q1 when regulatory agencies were still in full swing and before many regulatory bodies shut down or were severely impacted by coronavirus.
Moving forward, we expect Tesla’s solar installations for traditional panels and for Solar Roof products to dip as regulatory bodies deal with the USA’s self-inflicted long tail of coronavirus infections, requiring a whole new wave of hand washing, mask wearing, and social distancing. If only we would have listened back in March when doctors around the world told us … the exact same thing.
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