You are currently viewing Second Quarter Earnings Tesla Smashes It: Maintains Profit And Deliveries

Second Quarter Earnings Tesla Smashes It: Maintains Profit And Deliveries

Tesla on Monday announced in its earnings call smashed its second quarter’s profits and deliveries. The electric car company made a whopping $1.1 Billion in profit and $11.9 billion in total revenue.

 

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For its car segment, the Model 3 and Model X made the bulk of Tesla’s sales, with 200,000+ deliveries for the second quarter of the year. Sales from abroad have significantly boosted its car sales. The newly built Chinese factory has been churning out cars all day long. Even Tesla sees it as a “primary vehicle export hub.”

 

Despite the global chip storage shortage, Tesla was able to hit record profits by paying for chips in advance and rewriting its car software.

 

CEO Elon Musk in the earnings call mentioned  “We were able to substitute alternative chips, and then write the firmware in a matter of weeks,”

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Where other car manufacturers have had slow production, factory closure due to the global chip storage. Tesla has been able to deliver more than 200,000 vehicles in the last quarter.

 

The Electric car CEO Musk considers the chip shortage as very threatening, “It does seem like it’s getting better.” It could eventually affect its own production, “The global chip shortage situation remains quite serious.”

 

Chip Shortage Tesla needs more.

 

“For the rest of this year, our growth rate will be determined by the slowest part in our supply chain.” Tesla relies on chips for most parts of its cars to function.

 

Tesla Chip storage, rewrites software

 

While relying on its Fremont factory for the majority of its car production in the United States. Tesla has been producing at a limited capacity. It even had to delay its semi-truck production until 2022, based on the reality of things. Tesla is making huge investments to maintain its profits and deliveries. The company is building new factories in Germany and Texas.

 

For Europe and overseas, the combined China and Germany factories will handle global demand for its electric cars. While it’s new to be completed Texas factory would handle Its Trucks and Model Y production.

 

 

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