Mexico City / 07.26.2021 20:02:21
Tesla, the electric car company founded by Elon musk, beat Wall Street’s expectations for its second-quarter earnings and revenue on Monday as record deliveries offset the impact of a prolonged global chip and commodity shortage.
Shares of the world’s most valuable automaker were up 1.3 percent in expanded trading after the results were released.
The company said it expected to start production of the Model Y SUV this year in Texas and Germany., but that would delay the launch of the Semi truck until 2022.
Still, despite the pandemic and supply chain crisis that have complicated the automotive industry, Tesla posted a record delivery for the quarter, thanks to sales of the cheapest models, including the Model 3 and Model 3 sedans. the Model Y crossovers.
The automaker said revenue soared to $ 11.96 billion from $ 6.40 billion a year earlier, when its U.S. factory was closed for more than six weeks due to local lockdowns meant to curb the spread of the coronavirus.
Analysts had expected revenue of about $ 11.3 billion, according to IBES data from Refinitiv.
Excluding one-time items, Tesla posted a profit of $ 1.45 per share, easily beating analysts’ expectations for a 98-cent profit.
Tesla said operating income increased primarily from volume growth and cost reduction, which offset “additional supply chain costs, lower revenue from regulatory credits” and other items, including $ 23 million in losses from investments in the cryptocurrency bitcoin.
Tesla stated that it is “on track to build our first Model Y vehicles in Berlin. and Austin in 2021 “, but delayed the launch of the Semi Truck program to 2022,” to better focus on these factories, and due to limited availability of battery cells and global supply chain challenges. “