Electric cars – Tesla makes billions in profit for the first time – economy

With spectacular announcements and expensive new developments, Tesla has long piloted mainstream automakers – but there has always been skepticism about whether Elon Musk would succeed in building a business as profitable as established automakers. Second-quarter figures, which Tesla released on Monday after the U.S. stock market closed, show the electric car pioneer is now making a lot of money in his core business.

Tesla reported sales of nearly $ 12 billion, roughly twice as high as the same period last year. Net profit under US accounting rules was $ 1.1 billion. With an eleven percent profit margin, the American group is playing in the same league as VW and Daimler for the first time.

For the first time since 2019, Tesla no longer depended on the sale of CO₂ certificates to other automakers for its record profit. On the contrary, the deciding factor was that with 200,000 vehicles, more than twice as many cars were delivered as a year earlier. The American company was not held back by the global shortage of chips and bottlenecks in raw materials. “Tesla impressed with its numbers because most of its income comes from vehicle sales,” said Jesse Cohen, senior analyst at Investing.com. According to Frank Schwope of Nord LB, special effects could also have played a role, which is why he cautions against too much euphoria. Tesla, as the world’s most valuable automaker, has long been celebrated on the stock market, with investors rating the company more as a tech company, not an auto maker.

Tesla shares in New York fell 1.8% on Tuesday.

Given the record global demand, sourcing components is now becoming more difficult, Tesla said. This will affect the growth of shipments for the rest of the year. But it’s on schedule to manufacture the Model Y electric SUV in Grünheide near Berlin and in the US state of Texas this year. However, Tesla has postponed the delivery of the electric semi-trailer to 2022 in order to better focus on these factories, he said.

Tesla’s involvement in Bitcoin, which Musk has rocked the crypto market with since February, has also not grown as successfully as in the previous quarter given the currency’s steep losses. After the initial $ 1.5 billion investment in the best-known cyber currency brought in special proceeds of around $ 100 million in the first quarter, the company was now due to write off $ 23 million from its holdings in Bitcoin.

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