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Tesla earns more than $1 billion for the first time

Tesla earns more than $1 billion for the first time

Electric car maker Tesla delivered a record number of cars in the second quarter, nearly doubling revenue and boosting net income, which crossed $1 billion for the first time.

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The group said in a statement today, Monday, that the net profit of the group led by Elon Musk amounted to $1.14 billion in the period from April to June, compared to $104 million in the same period in 2020, while its sales rose to $11.96 billion.

The company had already announced that it delivered 201,250 vehicles in the second quarter, an unprecedented level despite the lack of electronic chips crippling the auto sector.

Tesla says it “continued to face challenges in the supply chain in the second quarter, particularly global semiconductor shortages and port congestion.”

But the team, from software developers to factory workers, “worked hard to stay as close to maximum capacity as possible.”

“With global vehicle demand at record levels, component supply will have a strong impact on the growth rate of our deliveries over the remainder of this year,” Tesla adds.

The automaker, which announced in January that it wants to increase deliveries by an average of 50% per year for several years, has not changed its forecast. He just indicated that he could be a little faster this year.

Tesla, which usually derives a large portion of its profits from other companies selling its carbon credits because its cars don’t emit pollutants, on the other hand sees that source drying up: the income earned from this business was $354 million in the second quarter versus $518 million in the previous quarter.

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The group, which also generated $101 million in operating profit thanks to bitcoin in the first quarter, this time had to post a fee of $23 million for the same reason.

Tesla had caused the surprise at the beginning of the year by announcing that it had bought a virtual currency worth $1.5 billion, the value of which rose until mid-April, before falling sharply.

As for its plants under construction, Tesla believes it is still “on track to build its first Model Y cars in Berlin and Austin in 2021”.

The group’s stake acquired 1.5% around 8:40 pm GMT on electronic exchanges after the New York Stock Exchange closed. It has lost about a quarter of its value since it peaked in January, having jumped more than 700 percent in 2020.