Tesla turned a $1.1 billion profit in Q2 despite Bitcoin slump

Q2 profits are more than double what Tesla made in Q1

Tesla announced its Q2 earnings on Monday, and according to the report, the company not only built and shipped a record 200,000 vehicles in the quarter, marking a 151 percent growth over last year, it also generated $1.1 ($1.38 billion CAD) billion in net profit.

That’s more than double the $438 million ($550 million CAD) Elon Musk’s company made in Q1 of 2021. This is the eighth quarter in a row that Tesla has turned a profit.

Though the company did experience a $23 million ($28.9 million CAD) slump due to Bitcoin prices plummeting in the last quarter, increased deliveries contributed to a 98 percent revenue growth from this time last year. This is the first time since late 2019 that Tesla’s earnings have not been based on the selling of environmental credits to other manufacturers, indicating the company’s improving financial health.

But all is not merry. Like all other manufacturers, Tesla, too, is bearing the brunt of a global semiconductor and chip shortage. According to Reuters, Tesla officials stated on a call with investors and analysts that volume production growth this year will be dependent on parts availability, as the company wants to increase deliveries by more than 50 percent.

Additionally, the report also stated that Tesla has postponed the launch of its Semi truck until 2022 in order to focus on establishing factories and because battery cells and other parts are in short supply this year.

In other notable EV news from this month, Tesla added a Full Self-Driving subscription option that costs $200 per month while experiments with magnetized cement could make it the future of EV charging.

Source: Tesla Via: Reuters