Tesla profit is soothing high Tesla Revenue 2021 is record breaking and Tesla Revenue in simple words Profit Tesla is reported stronger-than-expected second quarter, with a record net profit of $ 1.1 billion...
Tesla's Second-Quarter Earnings, Scattering Wall Street Expectations
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| Tesla revenue 2021 |
Elon Musk wearing suit and tie Elon Musk, CEO of Tesla Ltd., arrives in court during the SolarCity trial in Wilmington, Delaware, USA, on Tuesday, July 13, 2021. Shmuel Korom / Bloomberg / Getty Images Elon Musk, CEO of Tesla Ltd.
Elon Musk, CEO of Tesla Ltd., arrives in court during SolarCity trial Wilmington, Delaware, USA, on Tuesday, July 13, 2021.
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| Tesla revenue 2021 |
That was double the 438 million they earned in the first quarter, and twice the profit it achieved a year earlier. And that answered a big criticism of investors who were bear on the stock because of the strength of Tesla’s results.
It should be noted that Tesla was not dependent on selling regulatory credits to other automakers to achieve its finest profits. These credits were responsible for revenue of only $ 354 million in the quarter. In previous circles, even when Tesla reported positive adjusted earnings, its net profit was dependent on selling credit to competitors who needed to purchase it to meet more stringent environmental standards. Critics have long attacked Tesla for this, saying the company does not actually make money selling cars.
The company's adjusted earnings, a more closely watched index by investors, jumped to $ 1.6 billion, much better than analysts' forecast of $ 1.1 billion. It also rose from a record $ 1.1 billion profit in the first quarter. Revenue of $ 12 billion also easily surpassed the $ 11.3 billion forecast.
Chip and Battery Shortages
However, CEO Elon Musk admitted that the company's growth was hampered by the lack of computer chips, which hurt all other car manufacturers and many other manufacturers.
"While we are producing cars at full speed, the situation of global chip shortages remains quite serious," he told investors. "For the rest of the year, our growth rates will be determined by the slowest part of our supply chain," adding that there is a wide range of chips that will serve as a brake on growth.
And Tesla and Musk have indeed given a cautious view of a number of other plans and products it has promised.
Tesla reiterated its previous guidelines because it expects to complete the construction of plants near Austin, Texas, and Berlin and begin limited production of the Model Y SUV at these plants later this year.
But it's not just a lack of chips that has given the company. There is also a shortage of cells used to make the large batteries that every vehicle needs.
Tesla said Monday that it will not begin manufacturing its cyber-truck pickup after Model Y operates in Texas. And that pushed plans for a half-tractor truck by 2022 "because of the limited availability of battery compartments and global supply chain challenges."
"Cyber truck and Semi, in fact both use heavy cell capacity [battery]," Musk said. "So, we have to make sure we have the cell capacity for these two vehicles. We are looking at a pretty massive increase in cell availability next year." But he said the increase would not be available in early 2022 but would "rise over the next year."
Tesla Cyber trucks
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| Tesla revenue 2021 |
A number of other established automakers like Ford and General Motors are on the verge of selling their own electric vans, so there is pressure on Tesla to bring its first van to market. The company was already on record and said it expects the "volume production" of the Cyber truck in 2022.
Musk also recognizes that the unusual design of the pickup will make the launch a challenge.
"It's such a new architecture. It's going to be a great product. It could, in my opinion, be our best product ever," he said. "But there are a lot of design ideas at their core … so there will probably be challenges because there is so much space that has not been explored."
In a recent tweet he said that Tesla will open its network of superchargers to electric vehicles from other automakers later this year. Although he did not yet have details, he said the plan to do so would lower billing costs for Tesla customers. And he said it was in line with the company's overall mission to convert the world from gasoline - powered cars to electric cars.
"Our goal is to support the emergence of sustainable energy," he said. "It's not about creating a walled garden and using it to obscure our competitors, who are sometimes used by some companies."
While Musk believes that full self-driving subscriptions will generate significant revenue starting next year, "right now … does it make sense for anyone to subscribe to FSD? I think that is controversial."
A Small loss on bitcoin holdings
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| Tesla revenue 2021 |
In February, Tesla revealed that it had used some of its cash to buy $ 1.5 billion in bitcoin. In April, it revealed that it had sold some of those holdings and ordered a net profit of $ 101 million from the crypto trade. Bitcoin transactions have made some investors nervous, especially since the exchange rate has lost more than a third of its value since then. Some expected the company to be able to report a $ 75 million loss on bitcoin trading in the quarter, said Dan Ives, Woodbush Securities' technology investor. But instead, it reported a loss of only $ 23 million.
"While supply chain issues remain, they appear to be moderating towards the next six to nine months," Ives said. He said the report should confirm those expected by Tesla to reach sales of 900,000 vehicles in a full year, compared to 500,000 it sold in 2020. It sold 386,000 cars in six months, more than doubling sales in the first half.
"The automaker has enjoyed record sales and reduced internal costs to offset rising material costs and a $ 23 million decline in bitcoin," said Carl Brewer, a senior analyst at iSeeCars.com. "Tesla's numbers, when evaluating estimates by a healthy margin, confirm the global demand for continued electric vehicles, enough to offset Tesla's challenges in the near term."
One of his last quarterly calls
Musk’s comments were fairly moderate compared to some of his previous quarterly earnings talks, in which he sometimes struggled among analysts Or conducted against security measures put to war in the Covid-19 epidemic, calling them "fascists." He said on Monday that it would be rare in the future for him to be in the conversation at all.
"If I do interviews and I cannot do other actual work," he said. "I only have so much time a day."
Musk, who is also CEO of SpaceX, owns a tunnel excavation company called Boring Company and was recently hosted on Saturday Night Live, and suggested that his time constraints prevent him from having many quarterly calls in the future.
"I'm going to do the annual shareholders' meeting, but I think later, I'll probably not be in profit talks unless I have something really important to say."
Tesla shares were hurt this year as previous earnings reports, although strong, fell short of hopes on Wall Street. Tesla shares initially rose after trading hours following its reading.