Tesla achieves first quarterly profit to exceed $1 billion

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Tesla Inc on Monday reported its first quarterly profit to cross $1 billion, as it reiterated its 2021 production targets despite disruptions in the supply chain.
Profits jumped to $1.1 billion in the quarter ended June 30, up from $104 million in the same period last year as revenue nearly doubled to $12.0 billion. The fast-growing automaker delivered more than 200,000 vehicles in this period, also a record number.
Electric car maker Tesla beat Wall Street expectations for second-quarter revenue on the back of record deliveries, despite the impact of a prolonged global shortage of chips and raw materials.
Shares of the world’s most valuable automaker rose about 2%.
Earnings per share were: $1.45, compared to expectations of $0.98, and the company achieved revenues of $11.96 billion, compared to expectations of $11.3 billion.
Despite the pandemic and a supply chain crisis that has plagued the auto industry, Tesla earlier this month managed to post record deliveries during the quarter, despite relying heavily on sales of its cheaper models, including the Model 3 sedan and Model Y crossover.
(agencies)




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