Tesla (TSLA) Revenues Q2 2021

Tesla report Second Quarter Revenue After Bell Monday, and it’s a beat on both the top and bottom lines. Off-hours stock prices rose about 2%. The results are as follows.

  • Revenue: According to Refinitiv, $ 1.45 against an adjusted forecast of 98 cents per share
  • Revenue: Forecast of $ 11.96 billion vs. $ 11.30 billion, according to Refinitiv

The company reported quarterly (GAAP) net profit of $ 1.14 billion, surpassing $ 1 billion for the first time. Net income for the year-ago quarter was $ 104 million.

Overall vehicle revenue was $ 10.21 billion, of which $ 354 million, about 3.5%, came from the sale of regulated credits. It has fewer credits than in any of the previous four quarters. The gross profit margin of automobiles was 28.4%, which was higher than any of the past four quarters.

Tesla had already reported delivery Production of 201,250 electric vehicles (closest to sales) and 206,421 Total number of vehicles for the quarter ended June 30, 2021.

The company also reported $ 801 million in revenue from its energy business, including solar power and energy storage systems for homes, businesses and utilities, up more than 60% from the previous quarter.

Tesla does not disclose the number of energy storage units it sells quarterly, but in the last few weeks CEO Elon Musk saidIn court, the company has blamed the delay in chip shortage, producing at most 30,000 to 35,000 during the quarter.

Tesla also reported $ 951 million in services and other revenue. The company currently operates a mobile service fleet with 598 stores and service centers and 1,091 vehicles, an increase of only 34% compared to a year ago. This is compared to a 121% year-on-year increase in vehicle deliveries.

$ 23 million impairment associated with its value Bitcoin The holding was reported as an operating expense for “Restructuring and Others”.

The company’s cash position fell approximately 5% from the previous quarter to $ 16.23 billion. “Mainly net debt and finance lease repayments were $ 1.6 billion, but free cash flow was partially offset by $ 619 million,” the company said in a statement.

Accounts payable (the amount Tesla pays to suppliers and other service providers) increased 13.7% from the previous quarter to $ 7.56 billion.

Tesla faced consumer backlash during the quarter, among other challenges In China, recall With China America.. , And delayed delivery of a high-performance version of its flagship sedan, Model S plaid..

Institutional and retail investors seek up-to-date information on when the company will begin commercial production of cybertrucks and custom battery cells, and how Tesla will survive the ongoing shortage of parts and rising raw material costs. I did. Musk I complained before.

For Tesla and other automakers, the shortage of parts continues to be stubborn. Tesla said on its shareholder deck that it has postponed the start of the semi-track program until 2022.

At a shareholders’ meeting on Monday, Musk said “a big struggle this quarter” was to procure enough modules to control Tesla’s airbags and seatbelts. The supply shortage restricted the company’s production in both Fremont, California and Shanghai.

Musk also said that many fans ask why Tesla isn’t just making its own chips to avoid running out. He said supply chain problems would be solved by Tesla with suppliers, laughing, “I can’t just make chip fabs.”

Tesla uses the same semiconductors and battery cells as energy storage products in cars, so the company has reduced power wall production and the megapack battery system used in power plants is sold out to the end, Musk said. rice field. next year’s.

Musk believes there is probably “more than a million power walls a year” and an unspecified but huge amount of megapack demand for utilities, given the ongoing transition to renewable energy. Said that. “The sun and wind are intermittent, and by their very nature, we really need a battery pack to provide a stable flow of electricity,” he explained.

As a strategy to manage supply chain issues for both automotive and energy storage products, Tesla “overshoots” automotive cell supplies and, when overkill, uses that supply to powerwall and megapack manufacturing, Musk said. He said he could turn it.

Read more about CNBC Pro electric cars

Lars Moraby, vice president of vehicle engineering at Tesla, said cybertruck production should begin at the new Tesla plant in Texas at the end of 2021. The unique design of the vehicle. Tesla said in a shareholder deck that Cybertruck production will follow Model Y production in Texas.

When Tesla asked other non-Tesla electric vehicle drivers when to open the supercharged DC fast charging station, Musk and Drew Barino, senior vice presidents of powertrain and energy engineering, said the company’s goal is to charge. He said it was enough to expand the network. As a result, the driver does not have to wait longer to charge the vehicle on the road.

Musk also took some time to support shareholders that he was “no longer the default”, not to mention leading Tesla’s earnings call since this quarter. He said he would speak at the annual shareholders meeting.

Tesla (TSLA) Revenues Q2 2021

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