250,000 deliveries in a quarter can’t save Tesla from falling sales

Supply chain problems that plagued the rest of the auto industry for more than a year seem to have finally caught up with Tesla. The EV automaker announced on Wednesday reporting to Q2 investors that its auto sales fell more than 13% after marks the record of the previous quarter despite ending the quarter with “the highest vehicle production month” in the company’s history.

According to the company, Tesla produced 258,580 vehicles last quarter and delivered 201,304 of them. During an investor call last quarter, CEO Elon Musk estimated that the company could grow its annual deliveries by 60% by 2022. To date, the company has delivered 564,743 vehicles and will need to sell another 935,257 vehicles by year to achieve that goal.

This could prove a challenge as the company produced nearly 18 percent fewer vehicles this quarter than it did last year (although still up 27 percent year-over-year). COVID-related lockdown has closed Shanghai Gigafactory for most of the second quarter, although increased production at the newer Austin and Berlin-Brandenburg plants helped offset the closures. Austin has started vehicle production with the company’s new 4680 battery cells, and the Berlin Gigafactory has recorded a production rate of more than a thousand vehicles in just one week for the past three months.

Tesla has often managed to avoid supply chain woes has rocked the auto industry since the start of the pandemic – until now. The Model Y long-range MSRP is currently priced at just under $66,000, 30% more than the price in 2021.

The company certainly points out that their total revenue has increased 42% year over year to $16.9 billion, operating income has improved year over year to $2.5 billion ( with an impressive operating margin of 14.6%) and currently sits at the top of $18.9 billion in cash.

This is largely due to the fact that Tesla has liquidated 75% of its Bitcoin holdings ($936 million) over the past three months. The company invested $1.5 billion in fake digital currency in February 2021 and sold off its 10% stake a few months later. Tesla’s Support for Bitcoin, Just Like Musk’s Baby Dogecoin currency, has helped to further popularize cryptocurrency schemes. Musk is said to have had “an extremely bad feeling about the economy” in June.

Tesla executives are expected to attend the investor teleconference after the market closes this afternoon at 5:30 p.m. ET / 2:30 p.m. PT, so stay tuned. Follow updates directly from the call.

Developing …

All products recommended by Engadget are curated by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

Source link


News7F: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button