For the First Time, Tesla’s Quarterly Profits Exceed $1 Billion.
Despite supply chain disruptions, Tesla posted its first-ever quarterly profit of more than $1 billion on Monday, reiterating its 2021 production targets.
Profits more than doubled to $1.1 billion in the quarter ending June 30, compared to $104 million the year before, as revenues nearly doubled to $12.0 billion.
In the same time span, the fast-growing automaker run by Elon Musk delivered more than 200,000 vehicles, a new high.
Tesla reaffirmed its 2021 projection, adding, “We plan to achieve 50 percent average annual growth in vehicle deliveries over a multi-year horizon.” We may expand quicker in some years, as we hope to be the case in 2021.”
Although Tesla alluded to supply chain issues elsewhere in the press statement, the language is identical to that of the previous quarter.
The global semiconductor scarcity, for example, has pushed GM, Ford, and other manufacturers to reduce production.
“With global car demand reaching all-time highs, component supply will have a significant impact on the rate of our delivery increase for the remainder of the year,” Tesla added.
Tesla announced that it has made work on greenfield factories in Germany and Texas, which will begin producing Model Y automobiles later in 2021.
However, due to a lack of battery cells and other supply challenges, the business has pushed back the launch date for its Semi truck program to 2022.
Despite “minimal” supply chain difficulties, production in China “remained strong,” according to the corporation.
Tesla reported $354 million in revenue from regulatory credit sales to other automakers as part of measures aimed at increasing EV (electric vehicle) use.
Tesla made $428 million in income from these credits in the previous year.
The loss of $23 million in profit was due to a drop in the value of Bitcoin holdings.
In after-hours trade, shares increased 1.4 percent to $666.69.