Elon Musk’s Tesla becomes $630 billion EV company with $1.14 billion as second quarter profit

 

On Monday, electric vehicle (EV) manufacturer Tesla announced that its second quarter profit had crossed a billion dollars. Despite a chip shortage during the pandemic that affected other car manufacturers, Elon Musk led Tesla announced excellent results in the April to June quarter of this year.

The second quarter results were reported after the bell on Monday. Tesla shares rose by two percent after the results were announced.

 

The Palo Alto, California based company has been showing profit from the past two years. However, the company set several milestones when compared with its earlier years.

 

  • The company manufactured 206, 421 electric vehicles, while it delivered 201,250 vehicles.
  • It said that it reached a profit of $1.14 billion; ten times more than last year.
  • Revenues are almost double at $12 billion.
  • The company’s market value is $63 billion dollars; fourteen times its value in 2019.

 

The company also said that the revenue from its energy businesses was $801 million, an increase of over 60 percent from the first quarter. These businesses include solar photovoltaics and energy storage systems that are used in homes, businesses and utilities.

 

The company also said that it has earned $951 million in services and other revenues. Tesla has 598 stores and service centers. It also has a mobile fleet with over a thousand vehicles. This division saw an increase of only 34 percent while vehicular division saw an increase in 121 percent when compared with last year.

 

Musk said that the company had suffered from chip and other shortages on the shareholder call. He said that these shortfalls were the reason for the decrease in output from its Fremont, California and Shanghai, China factories.

 

When asked about the rollout of its cyber truck, the company said that it had been postponed to late 2021, after the production of Model Y in the new Tesla plant in Texas.

 

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