Sales and Net Profit Both Exceed Market Expectations
[Asia Economy Reporter Yujin Cho] Tesla, the US electric vehicle company led by Elon Musk, recorded its highest-ever quarterly earnings in the second quarter despite the global vehicle semiconductor supply chain crisis.
On the 26th (local time), Tesla announced its second-quarter earnings, reporting a net profit of $1.14 billion (approximately 1.3167 trillion KRW), more than 10 times the net profit of $104 million in the same period last year. This is the first time quarterly net profit has surpassed $1 billion.
During the same period, revenue reached $11.96 billion, nearly double the $6.04 billion recorded in the same period last year. This exceeded Wall Street estimates of $11.3 billion compiled by financial information firm Refinitiv.
In the electric vehicle segment, Tesla posted $10.21 billion in revenue, with sales from regulatory credits granted to carbon emission-free companies amounting to $354 million, significantly reduced in proportion.
In the second quarter, Tesla produced 206,421 electric vehicles and delivered 201,250 units. The number of deliveries more than doubled compared to 9,891 units in the same period last year, surpassing the previous quarterly record of 184,800 units set in the previous quarter.
The total automotive gross margin was 28.4%, the highest among the past four quarters.
However, Tesla recorded a loss of $23 million due to the continued decline in Bitcoin prices, in which it invested $1.5 billion earlier this year.
Regarding the second-quarter earnings, Tesla stated that operating profit increased due to electric vehicle sales and cost reductions, offsetting automotive parts supply chain costs, reduced regulatory credit revenue, and the $23 million Bitcoin investment loss.
In a letter sent to investors on the same day, Tesla announced, "Due to limited availability of battery cells and global supply chain issues, the launch schedule of the electric truck 'Tesla Semi' has been postponed to next year."
On the day, Tesla's stock closed at $657.62, up 2.21% from the previous close, and showed a 1.16% increase in after-hours trading.
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