Sunday, August 14, 2022

Tesla Profit Increased by Delivering Record 200,000 Cars to Customers

According to the report, Electric car make company Tesla profit increased after delivering record 200,000 cars to the customers. Tesla reported rising profits, despite a shortage of semiconductor chips and bottlenecks at ports that are hampering production. Revenue rose to $12 billion ($8.6 billion) in the three months ended June, up from $6 billion a year earlier when the US facility closed.

Electric carmaker told that company delivered a record sales of 200,000 cars in same period to the customers. He added that public support for green cars is greater than ever.

The company, led by billionaire Elon Musk, said on Monday that profits had increased on the base of strong sales.

Revenue for the second three months of the year was $1.1 billion compared with $104 million last year, supported by sales of lower-priced Model 3 and Model Y sedans.

Speaking to financial analysts on Monday, Musk said, “At this point everyone can agree that electric vehicles are the only way forward.”

Mr Musk said during the conversation that the global chip shortage was “still quite serious” and production would depend on “the slowest part of the supply chain”.

He also described calling vendors in the evening to fix deficiencies. As a result, the increase in waiting times for Tesla cars is reflected in the company’s results, especially across Europe.

Production at the new “Gigafactory” in Berlin should start as soon as possible. The delays tormented him even though the company declared him “the most modern factory for the production of large electric vehicles in the world”.

Meanwhile, he will speed up production of his car in central California.

Wedbush analyst Dan Ives said the number was “much lower than many fears”.

He added that the overall results represented a “step in the right direction” for the company, with “healthy” growth in China, where Tesla started production last year.

However, Mr Ives pointed out that the big question for investors is when the company will be able to achieve profitability, apart from the proceeds from resale to other automakers and credits earned for exceeding emissions – and maintaining fuel standards.

Between April and the end of June, revenue from the sale of these loans was $354 million, compared with $428 million for the same period last year.

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