Tesla reports net profit of over $ 1 billion for the first time
Tesla hasn’t been in business for very long, but in the space of barely a decade, the Californian electric vehicle manufacturer has surprised several industry experts, either with the vehicles it markets or by its way of operating. No matter what, Tesla seems to have the wind in its sails. For the second quarter of the year, the automaker recorded a net profit, after expenses, of over $ 1 billion.
This is a first for Tesla, which has long been criticized for burning money. Indeed, what was, not so long ago, a company that was losing money rather than making money, is now proving to be more than profitable.
To put it in perspective, at the end of the first quarter of 2021, Elon Musk’s company was in gross profit (before expenses) of $ 10.389 billion, with a surplus of $ 438 million. But thanks to reduced spending – says the automaker – and which continues to decline, Tesla made in the second quarter $ 11.96 billion on vehicle sales alone, and another $ 354 million on offsets sales. In short, all of this translates into a final net profit of $ 1.14 billion.
This rapid development is the result of remarkable production speed, product availability and global marketing.
In a conference call with shareholders, however, Elon Musk warned them of the severity of the semiconductor shortage. Being currently out of the control of automakers and potentially stretching for a long time, this supply issue could impact the delivery of future Tesla models. Mr. Musk assures us, however, that none of this affects his plans to produce Model Y at its factories in Berlin and Austin in 2021.
As for the Tesla Semi, we recently learned that the assembly line is about to kick off, but full-scale production of the vehicle won’t start until 2022. Elon Musk, however, pointed out that production of the Cybertruck is still going fall behind, without further details.
