Tesla sees record profits amid production surge
By MYBRANDBOOK
Tesla has posted a record profit of $1.6 billion for the three-month period, as revenues surged 57 per cent to $13.8 billion compared to the year-ago period. The company also delivered a record 241,391 vehicles during the period, with sales significantly ramping up in North America and China.
The results suggest Tesla's output has been less affected by the global shortage of semiconductors than some rival carmakers that have shuttered factories or cut production.
However, the company said chip shortages, as well as congestion at ports and rolling blackouts "have been impacting our ability to keep factories running at full speed."
"We believe our supply chain, engineering and production teams have been dealing with these global challenges with ingenuity, agility and flexibility that is unparalleled in the automotive industry," Tesla said.
Tesla notched somewhat lower revenues on the sale of EV regulatory credits to other automakers compared with the year-ago period. The company also reported $ 51 million impairment related to bitcoin. But profit margins expanded, even as the company alluded to uncertainties amid the lingering supply chain challenges.
In a release Tesla said, "We continue to run our production lines as close to full capacity as conditions allow. While sequential growth remains our goal, the magnitude of growth will be determined largely by outside factors."
Musk announced earlier this month that the company is shifting its headquarters to Texas from California. Tesla is nearing assembly of its first production line cars in Austin and Berlin, but the "hardest work lies ahead" in ramping up output, Chief Finance Officer Zack Kirkhorn said on an earnings call. Tesla has completed a shift to its factory in Shanghai being its main hub for export vehicles, freeing up other plants to provide more cars for Europe and North America, according to executives. The company's stated goal is to get on pace to produce millions of cars annually.
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