Tesla’s Quarterly Profit Soars to Record $1.1 Billion
Tesla Inc.’s quarterly profit rose to record levels as the car maker largely evaded the effects of a global chip shortage that has constricted the global auto industry.
The Silicon Valley electric-car maker, as it posted second-quarter earnings on Monday, said it is trying to navigate supply-chain challenges as it races to boost production and satisfy growing demand for battery-powered vehicles.
The company reported revenue of roughly $12 billion for the period ended June 30, nearly double the year-ago period, and a profit of $1.1 billion, marking its eighth sequential quarter in the black. Wall Street expected Tesla to report roughly $11.4 billion in revenue and around $600 million in profit, according to analysts surveyed by FactSet.
Tesla produced more than 206,000 vehicles in the second quarter, more than doubling its output from the year-ago quarter, when the rise of the Covid-19 pandemic limited production and consumer purchasing.
Global auto sales have cooled somewhat during 2021 amid a shortfall of semiconductors. Many auto makers, including Ford Motor Co. and General Motors Co. , have been forced to idle assembly plants over supply constraints, squeezing vehicle inventories and pushing up prices.
