Tesla Surpasses $ 1 Billion in Quarterly Net Profit for the First Time

Electric vehicle maker Tesla delivered a record number of vehicles in the second quarter, nearly doubling sales and increasing net income, which for the first time topped $ 1 billion.

The net profit of the group led by Elon Musk reached 1.14 billion from April to June last, against 104 million over the same period in 2020, while its turnover amounted to 11.96 billion, a the group said Monday in a statement. The company had previously announced that it had delivered 201,250 vehicles in the second quarter, an unprecedented level despite the semiconductor shortage disrupting the automotive industry.

Tesla says it “continued to face challenges in the supply chain in the second quarter, particularly global semiconductor shortages and port congestion.” But the team, from software developers to factory workers, “worked extremely hard to stay as close to maximum capacity as possible.” “With worldwide demand for vehicles at record levels, the supply of components will have a strong influence on the growth rate of our deliveries for the remainder of this year,” adds Tesla.

The automaker, which announced in January that it wanted to grow its deliveries by an average of 50% per year for several years, has not changed its forecasts. He just points out that it could be a bit faster this year.

The group has long dominated the electric vehicle market, but faces increasing competition. According to the specialist firm Cox Automotive, Tesla represented 64% of sales of electric vehicles in the United States in the second quarter, against 71% in the previous quarter and 83% over the same period in 2020.

Tesla, which usually derives a large part of its profits from the sale to other companies of the carbon credits granted to it because its cars do not emit pollutants, on the other hand sees this source starting to dry up: the income derived from this activity reached 354 million in the second quarter, against 518 million in the previous quarter. The group, which had also drawn $ 101 million in operating profits thanks to bitcoin in the first quarter, this time had to record a charge of 23 million for the same reason.

Tesla surprised earlier this year by announcing that it had bought $ 1.5 billion worth of virtual currency, which soared in value until mid-April before falling sharply.