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Tesla completes a record first half of 2022 despite headwinds – L’argus PRO

Nothing seems to be stopping the rise of Tesla, which has completed a 1er record half of 2022 despite many difficulties. In detail, the manufacturer led by Elon Musk earned a turnover of 35.69 billion dollars *, an increase of 59.7% compared to the 1st half of 2021, which enabled it to generate a net profit. of 5.55 billion dollars, more than triple (+237.9%) compared to last year. Between January and June 2022, Tesla produced 563,987 vehicles (+ 45.8%) in its four factories located in California, Texas, China and Germany, while its deliveries reached 564,743 units (+ 46.2 %).

The American electric car manufacturer explains that these good figures were obtained thanks to an increase in the average selling price and deliveries, but also thanks to the help of the other sectors of activity, including the production and storage of renewable electricity, which now represents 12% of revenues, or more than 4.2 billion dollars.

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A 2e complicated trimester

tesla model 3
Tesla’s profits tripled in the first half of 2022, compared to the same period of 2021, thanks in particular to an increase in the average selling price of its cars.

However, Tesla experienced, between April and June, its first quarterly decline in sales and profits since the beginning of 2021. Indeed, the 2e The quarter of 2022 was marked by the rise in the price of raw materials and logistics costs, by negative exchange rate effects since the dollar has become more expensive, as well as by two other unexpected phenomena. Indeed, the manufacturer explains in a press release that “the Shanghai plant was completely and then partially closed for most of the 2e trimester “, because of the containment measures taken by the Chinese authorities as part of the fight against Covid. However, Tesla caught up by ending the quarter “with a record monthly production level” in Shanghai, where “recent hardware upgrades” will help speed up the production rate.

In addition, the manufacturer, which had distinguished itself by becoming one of the first companies, in February 2021, to massively buy bitcoins for a value of 1.5 billion dollars, acknowledged that its quarterly financial results were partly impacted by the fall in the price of the most important cryptocurrency in terms of capitalization. Indeed, bitcoin lost 72% of its value between its peak above $67,000 on November 8, 2021 and its trough below $19,000 on June 18, 2022.

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Tesla has sold 75% of its bitcoins

On the occasion of the publication of its quarterly results, Tesla acknowledges having sold 75% of its bitcoins at the end of June to convert them into fiat currency (or “fiat”) up to 936 million dollars and thus replenish its cash. While Tesla owned more than 42,000 bitcoins, that amount dwindled to less than 11,000 units, worth around $250 million at today’s price (around $23,000).

During a conference call, Elon Musk explained this decision: “The reason we sold a lot of our bitcoin holdings is that we weren’t sure when the COVID lockdowns in China would ease. IIt was therefore important for us to maximize our cash position, given this degree of uncertainty”. However, he points out that“This should not be seen as any verdict on bitcoin”, while indicating that they have not sold ” none “ dogecoin, another cryptocurrency with which it is possible to pay for certain services at Tesla, and which Elon Musk regularly talks about on Twitter.

*As of July 21, 2022, 1 dollar is worth 0.98 euro

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