Tesla Has Tremendous Option Value Both to the Upside and the Downside
Tesla reported a seminal quarter in its history with not only record deliveries but meaningful free cash flow of $881 million. That figure is a $1.6 billion improvement from the second quarter of 2018 and a $2.2 billion improvement year over year. We have been skeptical of Tesla's ability to execute but we did expect positive earnings surprises in the back half of 2018 as Model 3 volume ramped up. However, we did not think the free cash flow movement would be this large this fast. We expect the ...Tesla designs, develops, manufactures, sells and leases electric vehicles and energy generation and storage systems, and provides services related to its products. The company operates as two reportable segments: automotive, which includes the design, development, manufacturing, sales, and leasing of electric vehicles as well as sales of automotive regulatory credits; and energy generation and storage, which includes the design, manufacture, installation, sales, and leasing of solar energy generation and energy storage products, services related to such products, and sales of solar energy system incentives.
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