Musk, who has generated current headlines over his controversial withdrawal from a $44 billion acquisition of Twitter, mentioned the corporate had navigated a tough setting with the Shanghai closure and lingering provide chain issues which have raised prices.
The electrical car maker reported second-quarter earnings of $2.3 billion, about twice that within the year-ago interval because the automaker lifted automotive costs to “embarrassing” ranges, as Musk put it.
Though Tesla earnings topped estimates, they lagged behind these within the first quarter, the primary sequential revenue drop since late 2020, which coincided with a fall in automotive revenue margins as a result of rising prices.
And whereas revenues jumped 42 % to $16.9 billion, they got here in under the $17.1 billion projected by analysts.
Musk described the interval as a “distinctive quarter,” however advised traders and analysts on a convention name that the restart of the Shanghai plant and the ramp-up of latest factories in Germany and Texas create “the potential for a record-breaking second half of the 12 months.”
The corporate cited the drag from Shanghai, the place its manufacturing unit was shuttered for a part of the quarter. However Tesla mentioned it completed the three-month interval with “a document month-to-month manufacturing stage” after the China restart.
Tesla mentioned provide chain challenges stay an ongoing headache, as manufacturing unit shutdowns, labor shortages, logistics and different points “restricted our capacity to persistently run our factories at full capability.”