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Tesla nearly doubles its profit in the second quarter

Tesla nearly doubled its profit in the fourth quarter. It also produced the most cars in its history in June.

There has been a buzz around Tesla and its CEO Elon Musk lately. The billionaire’s acquisition of Twitter is the main topic of discussion. At the same time, Tesla has also been linked to problems in global chip markets and the supply chain in general. Lots of automakers are announcing problems and the question remains how much these problems will take a toll on this largest electric car maker.

Tesla didn’t do badly

Tesla reported a profit of $2.26 billion, nearly double the $1.14 billion the company reported for the same period last year.

Sales were up more than 40% year-over-year to $16.9 billion. However, that’s less than the company reported in the first quarter of this year. However, since the global situation is difficult, analysts were expecting sales to be even lower.

The next question was on the number of electric vehicles produced. After all, the global supply chain is in considerable trouble, material shortages are emerging, and the company is still dealing with the aftermath of the closure of its Shanghai factory due to the covid pandemic. Despite all these problems, over 258,000 EVs rolled off the production line, up 25% from the same period last year. Even in June, Tesla produced the most cars in a month in its history.

Tesla company logo on a dark background

Read also: Lithium batteries as the main topic of electromobility

In its report, the company commented on the quarter like this.

β€œWe continued to make significant progress across the business during the second quarter of 2022. Though we faced certain challenges, including limited production and shutdowns in Shanghai for the majority of the quarter, we achieved an operating margin among the highest in the industry of 14.6%, a positive free cash flow of $621M, and ended the quarter with the highest vehicle production month in our history.β€œ

The company also sold its Bitcoins

Tesla has been known to own large amounts of Bitcoins. That’s over, as the company converted 75% of its Bitcoins worth approximately $936M to fiat currency in the second quarter.

Bruno is an Investment enthusiast with several years of experience in the industry. He enjoys following the latest news and technology trends...

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