New9 PR
    What's Hot

    Guarantor Loans Demystified: Navigating the Path to Financial Support

    Cuisines and Connections: Ladies Networking Event for Empowered Businesswomen in London

    Vladimir Putin says missile strikes across Ukraine

    Facebook Twitter Instagram
    • Get In Touch
    Facebook Twitter
    New9 PR
    • Home
    • Education
    • Business

      Cuisines and Connections: Ladies Networking Event for Empowered Businesswomen in London

      July 31, 2023

      Truss congratulates far-right leader set to be Italy’s first female premier

      September 27, 2022

      Announce Automation Technology Content Partnership

      September 23, 2022

      Boris Johnson Inadvertently thanks Vladimir Putin for ‘inspirational leadership’

      September 22, 2022

      North East ‘Ark’ Sites Safe Haven Endangered Crayfish

      September 21, 2022
    • Entertainment
    • Headlines
    • Health
    • Get In Touch
    Subscribe
    New9 PR
    Home»Business»Tesla Profit Surge Driven By Record Car Deliveries
    Business

    Tesla Profit Surge Driven By Record Car Deliveries

    MarinBy MarinJuly 27, 2021Updated:July 27, 2021No Comments4 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Tesla has reported surging profits, despite shortages of semiconductor chips and congestion at ports hampering production.

    Sales rose to $12bn (£8.6bn) in the three months to the end of June, up from $6bn a year ago, when its US factory was shut down.

    The electric carmaker said it delivered a record 200,000 cars to customers in the same period.

    It added that public support for greener cars was greater than ever.

    The company, led by billionaire entrepreneur Elon Musk, reported on Monday that profits soared off the back of strong sales.

    Profits for the second three months of the year were $1.1bn, up from $104m last year, bolstered by sales of its cheaper Model 3 sedan and Model Y.

    In an update to investors on Monday, Tesla said: “Public sentiment and support for electric vehicles seems to be at a never-before-seen inflection point.

    “We continue to work hard to drive down costs and increase our rate of production to make electric vehicles accessible to as many people as possible.”

    Tesla added that how quickly it could produce cars throughout the rest of the year would depend on the supply of key parts of its vehicles, with demand at “record levels”.

    Chip shortage

    On a call with financial analysts on Monday, Mr Musk said: “At this point, I think everyone can agree, electric vehicles are the only way forward.”

    Mr Musk said during the call that the global chip shortage “remains quite serious” and manufacturing would hinge on this “slowest part of the supply chain”.

    He also described late-night calls with suppliers in an attempt to resolve shortages.

    As a result, there were growing waiting times for Tesla cars, especially across Europe, the company said in its results.

    It will look to start production at its new Berlin “gigafactory” as soon as possible. It has been plagued by delays, although the company bills it as “the most advanced high-volume electric vehicle production plant in the world”.

    It will ramp up the manufacturing of its cars at its California hub in the meantime.

    Mr Musk was also reportedly seen visiting Luton earlier this year, sparking rumours he may be considering a Tesla factory in the UK.

    Other car giants such as Ford and General Motors have been forced to suspend production temporarily in some US factories, having been hit by the global shortage of semiconductors.

    Profits at Tesla in the second quarter were also dented, however, by other items such as investments in the cryptocurrency Bitcoin.

    It invested heavily in the digital currency previously. But it stopped taking Bitcoin as a form of payment earlier this year because of Mr Musk’s concerns about the environmental impact of Bitcoin mining, which uses huge amounts of electricity.

    The company reported a $23m loss on its Bitcoin investments on Monday, although its chief executive recently signalled it might accept it again in future.

    • Amazon Bitcoin job ad boosts cryptocurrency surge
    • Elon Musk ‘rather hates’ being Tesla boss

    Wedbush analyst Dan Ives said that this figure was, however, “much lower than many had feared”.

    He added that overall, the set of results marked a “step in the right direction” for the company, with “healthy” growth also seen in China, where Tesla began manufacturing last year.

    Mr Ives did point out, however, that a big question for investors would be when the company would be able to hit profitability excluding the income it gets from reselling to other carmakers the credits that it earns for exceeding emissions and fuel standards.

    Between April and the end of June, it saw $354m in revenues generated through the sale of such credits, down from $428m the same period a year before.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Cuisines and Connections: Ladies Networking Event for Empowered Businesswomen in London

    Truss congratulates far-right leader set to be Italy’s first female premier

    Announce Automation Technology Content Partnership

    Boris Johnson Inadvertently thanks Vladimir Putin for ‘inspirational leadership’

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Categories
    • Asia
    • Business
    • Dating
    • Education
    • Employment
    • Entertainment
    • Headlines
    • Health
    • Legal
    • Lifestyle
    • Money
    • Retail
    • Society
    • Sports
    • Technology
    • Travel
    • UK
    • USA
    • World
    • World News
    RSS CNN News Feed
    • Want Cash Out of Your Home? Here Are Your Best Options
    • Dream Big with a Home Equity Loan
    • Turn Your Rising Home Equity Into Cash You Can Use
    • Experts: this is the best cash back card of 2022
    • It's official: now avoid credit card interest into 2024
    Subscribe to Updates

    Get the latest creative news from News9.co.uk about art, design and business.

      ABOUT

      Welcome to News9.co.uk, your ultimate source for up-to-the-minute updates on the latest trends and breaking news from around the world. As a cutting-edge news website, we pride ourselves on delivering comprehensive coverage on a wide range of topics, including politics, technology, entertainment, health, and more.
      Read More

      Recent Posts
      • Guarantor Loans Demystified: Navigating the Path to Financial Support
      • Cuisines and Connections: Ladies Networking Event for Empowered Businesswomen in London
      Services
      • Home
      • Education
      • Business
      • Entertainment
      • Headlines
      • Health
      • Get In Touch
      Copyright © 2012 - 2023 News9.co.uk
      • Home
      • About
      • Get In Touch
      • Privacy Policy

      Type above and press Enter to search. Press Esc to cancel.

      We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok