Tesla Ends Streak of Record Quarterly Profits After China Factory Shutdown
Tesla’s second-quarter production was limited by Covid-related restrictions in China and supply-chain disruptions.
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Tesla Inc.
reported its first sequential decline in quarterly profit in more than a year as it recovers from an extended shutdown at its Shanghai assembly plant.
The electric-car maker on Wednesday reported second-quarter revenue of $16.9 billion, down from $18.8 billion in the first quarter. Analysts had expected Tesla to report around $16.5 billion in sales.
The world’s most valuable car company posted $2.3 billion in second-quarter profit, ahead of the $1.9 billion Wall Street was expecting and below its record quarterly profit of $3.3 billion in the first three months of the year. It generated $1.1 billion in profit during last year’s second quarter.
(More to come)
Write to Rebecca Elliott at rebecca.elliott@wsj.com
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