Thursday, December 1, 2022
HomeTeslaDespite China and supply problems, Tesla is making a big profit

Despite China and supply problems, Tesla is making a big profit

The numbers are much better than expected for Tesla. The American manufacturer announces that it has made a better-than-expected profit in the second quarter, marked by production hampered by strict confinements in China and supply problems, but also by the rise in prices of its electric cars. Net profit for Elon Musk’s group, which is also mired in a legal battle over the takeover of Twitter, amounted to $2.3 billion over the period, almost twice as much as in the second quarter of the year. last year. But for the first time since early 2021, its profits did not soar to a new record high.

Its turnover was also a little disappointing, at 16.9 billion dollars. Tesla had already indicated that its deliveries had fallen by 18% compared to the previous quarter due in particular to the closure of its Shanghai factory for several weeks, the company delivering a total of 254,695 vehicles between April and June. The manufacturer must also juggle the shortage of semiconductors, which has affected the entire automotive sector since the beginning of 2021, and the rise in raw material prices. To deal with this small air pocket, Elon Musk announced in June the elimination of around 3 to 3.5% of the workforce. However, the group has simultaneously increased the price of its vehicles, its cheapest model currently being sold in the United States at 48,840 dollars.

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1.4 million cars sold in 2022?

This did not prevent the gross margin of its automotive activity, a particularly observed indicator, from falling slightly, to 26.2%. Despite these challenges, Tesla has maintained its long-term goal of growing deliveries by 50% on average per year, which would amount to 1.4 million cars in 2022. Already in June, production had returned to a level record. And the group is banking on accelerating the pace in its new factories in Berlin and Austin (Texas). sold 75% of its bitcoins, earning it $963 million in the second quarter.

The group also continues to profit from the sale to other companies of the carbon credits granted to it, because its cars do not emit pollutants, earning 344 million dollars in the process. Its stock rose 0.6% in Wednesday’s electronic trading following the close of official trading on Wall Street. It is down around 30% since the start of the year, affected by the general downturn in the markets, but also by investors worried about seeing Elon Musk distracted by his tribulations with Twitter. The richest man in the world had indeed announced in April his intention to buy the social network, before giving up. Twitter having demanded that the entrepreneur honor his commitment, a trial must take place in October.

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