Tesla News: The Electric Car Company Earned More Than $1 Billion in the Second Quarter
Tesla (TSLA) posted a quarterly profit of more than $1 billion on Monday, ten times higher than the previous year.
In the second quarter, Elon Musk’s electric vehicle startup virtually doubled its vehicle sales.
Tesla’s second-quarter letter to investors stated, “Public sentiment and support for electric vehicles appears to be at a never-before-seen inflection point.”
The carmaker from California is profiting from a recent rise in electric vehicle demand.
Electric vehicle demand is already rising in Europe and China, the world’s two largest markets. According to NBC News, electric car sales in the United States doubled in the first half of this year, with Tesla leading the market.
This year, Tesla has faced a number of obstacles, including a scarcity of microchips. Despite these issues, it announced that its second-quarter output exceeded 206,000 automobiles, despite the scarcity.