As an Amazon Associate I earn from qualifying purchases

Tesla earned a profit of $1.1 billion after delivering 201,250 cars in Q2


A Tesla logo superimposed over a mess of numbers and figures.

Earlier in July, Tesla announced that it delivered 201,250 electric vehicles in the second quarter of 2021. On Monday, the US automaker filled in the rest of the gaps with its Q2 financial disclosure. Q2’s deliveries were a record for Tesla, earning the company $1.1 billion in profit. Tesla ended Q2 2021 with $619 million in free cash flow and $16.2 billion in cash and cash equivalents.

Tesla said in its presentation to investors that its output and deliveries were significant factors in the profitable quarter. The company also said it successfully launched a subscription to its highly controversial FSD feature, where owners can pay $199 per month for the driving assist feature as opposed to a single payment of $10,000. And regulatory credits made a much smaller contribution to the bottom line in Q2 at just $354 million.

We reported Tesla’s Q2 production results when they were announced several weeks ago, but to recap: the company built 2,340 Models S and X and delivered 1,890 of them, 18 percent of which were leased. The cheaper mass-market Model 3 sedan and Model Y crossover did the heavy lifting in Q2. Tesla built 204,081 of these models, delivering 199,360 of them. (Seven percent of Models 3 and Y were leased.)

Tesla said that global demand for cars is strong and that its output may be limited by the supply of parts and components, particularly semiconductors. It said that its factory in Fremont, California, is now capable of producing 100,000 Models S and X a year and 500,000 Models 3 and Y. Its factory in Shanghai, China, is capable of producing more than 450,000 Models 3 and Y a year.

Construction at new factories in Texas and Germany continues apace, and Tesla said it plans to build its first Model Y crossovers at these two factories at some point in 2021. But if you were waiting for a Cybertruck or a Tesla Semi, be prepared to continue waiting. Tesla said that the Semi is delayed until 2022 due to a limited supply of batteries. Meanwhile, “industrialization” of the Cybertruck is making progress, the company said.

Tesla’s energy-storage business had a much better Q2 2021 than Q1 2021, thanks to “several megapack projects.” In total, the company deployed 1.28 GWh of battery storage and 85 MW of solar panels.

Looking forward, Tesla said it wants to grow manufacturing capacity as quickly as possible and that “over a multi-year horizon,” it plans to grow vehicle deliveries by 50 percent a year.



Source link

We will be happy to hear your thoughts

Leave a reply

Madmad
Logo
Enable registration in settings - general