Tesla is doing better than ever, despite a string of supply chain challenges. And for the first time in its short history, the company generated more than $1 billion in quarterly net income and was also able to increase its gross profit margin to 28 percent. Constant shortages of chips and other components may affect Tesla's growth potential whenever appetite for electric vehicles is at an all-time high.
Tesla's latest financial report was released and the company managed to beat Wall Street analysts' expectations. For the quarter ending June 2021, the automaker reported revenue of $11.96 billion, nearly double the amount reported in the same period last year.
This is the eighth consecutive quarter that the company has run. Net income profitability in the second quarter was $1.14 billion, nearly double the $104 million recorded in the same quarter of 2020. Analysts expect healthy growth. Gross margin also hit a record high of 28.4%. Positive results were obtained thanks to a combination of lower production costs and increased volume of goods, but with increased operating costs, less regulatory credentials were obtained. Revenue (17% lower than in the previous quarter) and a $23 million drop in bitcoin. The company also paid off $1.6 billion in debt, reducing the amount of cash available to $16.2 billion.
Earlier this month, Tesla said in a preliminary report that it estimated delivery of 201,250 units, but the final figure reported today is 201,304. There are many factors affecting shipments, notably the ongoing shortage of chips affecting the entire automotive industry and component delivery due to congestion at ports. Tesla expects this to affect delivery in the next quarter, which could slow growth at a time of soaring global demand for cars.
Tesla Energy Trade has generated $801 million in profit, which is significant revenue. 60% increase in the fourth quarter. The company didn't say how many Powerwall systems it sold, but CEO Elon Musk revealed in court that Tesla could only produce 35,000 units a quarter due to a lack of parts, at best. Calling the investor, he noted that the potentially steerable market is much larger, with demand estimated at "more than one million wall power per year."
When investors are pressed to provide an update on Cybertruck's availability and explain how the company is using its ongoing supply chain issues, Musk notes: The biggest pain is the limited number of units they control in the seat belts and airbags in Tesla cars.
In the case of e-trucks, the shareholder letter confirms it will be delayed until 2022, but Musk has not agreed to any timeline. Lars Morawi, Tesla's vice president of automotive engineering, said the company is prioritizing Model Y production and plans to move to the Cybertruck beta later this year, so don't expect to reach your expectations by December. p>
Tesla smashes second-quarter profit records, but shortages will block part of growth in the next quarter