Tesla is no longer making a record, but it is coming off a losing streak. Net profit for Elon Musk’s company, which would otherwise be mired in a legal battle over its takeover of Twitter, was $2.3 billion in the period, almost double that of the second quarter of last year. However, for the first time since the beginning of 2021, his earnings fell short of a new record. And its turnover, at $16.9 billion, was also a bit disappointing.
But Tesla had already indicated that its deliveries had fallen 18% from the previous quarter due in particular to the closure of its Shanghai factory for several weeks, due to Covid.
The manufacturer must also juggle the shortage of semiconductors, which has affected the entire automotive sector since the beginning of 2021, with the increase in prices of raw materials and the lack of personnel.
To deal with this small pocket of air, Elon Musk announced in June the elimination of around 3 to 3.5% of the workforce, without touching the workers. “We didn’t know when the lockdowns in China were going to be relaxed,” the chief justified during a conference call.
The group has also increased the price of its vehicles, with its cheapest model currently selling in the United States for $48,840.
This did not prevent the gross margin of its automotive activity, a particularly observed indicator, from falling slightly.
raise production
Despite these challenges, Tesla has maintained its long-term goal of increasing deliveries by an average of 50% per year, which would amount to around 1.4 million vehicles by 2022. The group is aiming for a production rate 2 million vehicles per year. end of the calendar year.
As early as June, production at its plants in Fremont, California and Shanghai had returned to record levels. And the group is committed to accelerating the pace in its new factories in Berlin and Austin (Texas).
Tesla also continues to profit from selling carbon credits to other companies because their cars do not emit pollutants, earning $344 million in the process.
The stock was up 0.8% in electronic trading Wednesday after the close on Wall Street. It is down around 30% since the beginning of the year, affected by the general fall in the markets.
Source: BFM TV
