fbpx
How Choosing the Right Printer Helps Small Businesses and Content Creators to Save Time, Maximise Productivity and Achieve GrowthRead more Eritrea: World Breastfeeding WeekRead more Eritrean community festival in Scandinavian countriesRead more IOM: Uptick in Migrants Heading Home as World Rebounds from COVID-19Read more Network International & Infobip to offer WhatsApp for Business Banking Services to Financial Institution Clients across AfricaRead more Ambassador Jacobson Visits Gondar in the Amhara Region to Show Continued U.S. Support for the Humanitarian and Development Needs of EthiopiansRead more Voluntary Repatriation of Refugees from Angola to DR Congo ResumesRead more Senegal and Mauritania Are Rich in Resources, Poor in Infrastructure, Now Is the Time to Change That Read more Madinat Jumeirah: Dubai’s Stunning Four Hotel Beach Resort Offers Unirvalled Benefits for Summer StaycationsRead more Measles: EU Provides €450,000 in Humanitarian Response to Measles Outbreaks in SomaliaRead more

Tesla quarterly profits top $1 bn for 1st time

show caption
Tesla reported its first quarterly profit above $1 billion on record auto deliveries./AFP
Print Friendly and PDF

Jul 27, 2021 - 03:44 AM

NEW YORK — US electric carmaker Tesla reported its first-ever quarterly profit above $1 billion Monday as it reiterated its 2021 production targets despite supply chain upheaval.

Profits surged to $1.1 billion in the quarter ending June 30, up from $104 million in the year-ago period as revenues nearly doubled to $12.0 billion.

The fast-growing automaker led by Elon Musk delivered more than 200,000 vehicles in the period, also a record.

Tesla reiterated its 2021 forecast, saying: “Over a multi-year horizon, we expect to achieve 50% average annual growth in vehicle deliveries. In some years we may grow faster, which we expect to be the case in 2021.”

The language is identical to that in the prior quarter, although Tesla alluded elsewhere in the press release to supply chain problems.

These include the global semiconductor shortage that has forced General Motors, Ford and other manufacturers to trim production.

“With global vehicle demand at record levels, component supply will have a strong influence on the rate of our delivery growth for the rest of this year,” Tesla said.

Tesla said it made progress on greenfield factories in Germany and in the state of Texas, which are on track to produce Model Y vehicles later in 2021.

However, the company pushed back the timeframe for launching its Semi truck program to 2022, citing the limited availability of battery cells and other supply issues.

Production in China “remained strong” despite “minor” supply chain issues, the company said.

Tesla’s results included $354 million in revenues tied to regulatory credit sales to other carmakers under policies encouraged to boost EV (electric vehicle) use.

In the year-ago period, Tesla garnered $428 million in revenues from these credits.

Profits were dented slightly by $23 million decline in the value of Bitcoin assets.

Shares rose 1.4 percent to $666.69 in after-hours trading.

  • bio
  • twitter
  • facebook
  • latest posts

LMBCBUSINESS.COM uses both Facebook and Disqus comment systems to make it easier for you to contribute. We encourage all readers to share their views on our articles and blog posts. All comments should be relevant to the topic. By posting, you agree to our Privacy Policy. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid personal attacks, name-calling, foul language or other inappropriate behavior. Please keep your comments relevant and respectful. By leaving the ‘Post to Facebook’ box selected – when using Facebook comment system – your comment will be published to your Facebook profile in addition to the space below. If you encounter a comment that is abusive, click the “X” in the upper right corner of the Facebook comment box to report spam or abuse. You can also email us.