New York: US Carmaker Electric Tesla reported the first quarterly profit above $ 1 billion Monday because it repeated 2021 production targets even though the supply chain was upheaval.
Record delivery of electric cars during this period allowed Elon Musk companies to collect $ 1.1 billion in revenue in the quarter, up from $ 104 million in the period of years when income almost doubled to $ 12.0 billion.
Musk describes the benchmark for advantage as “truly extraordinary milestone,” but while warning that this year’s growth rate “will be determined by the section no later than …
our supply chain.” In addition to the scarcity of semiconductors that have disturbed cars around the world, Musk also quoted the scarcity of lithium and other raw materials as a wildcard.
Musk has become a prostitute in the industry, uncovering a slate of electric vehicles that grow ahead of other traditional industrial players.
But analysts have warned companies to face increasing competition from new models launched by General Motors, Volkswagen and other companies.
Tesla reaffirmed the estimated 2021, said: “Above the multi-year horizon, we hope to achieve an average annual growth of 50% in vehicle delivery.
In a few years, we can grow faster, which we expected to be the case in 2021 Of course.
” The language was identical to that in the previous quarter, even though Tesla alluded to repeatedly supplying chain problems.
Musk said conference calls with analysts and investors that semiconductor problems “seemed to be getting better, but it was difficult to predict.” He also warned that the company’s supply chain can be harmed “if there is something wrong anywhere on earth.” Tesla said it made progress in Greenfield factories in Germany and in the State of Texas, which was on track to produce models Y vehicles later in 2021.
However, the company pushed back the time period to launch the 2022 semi truck program, quoting limited availability Battery cells and other supply problems.
Musk also said he expected slow progress on futuristic cybertruck, where ramp-up “would be difficult” because the architecture of the vehicle was unconventional.
Tesla results include $ 354 million in income related to regulatory credit sales to other car makers who are encouraged to increase the use of EV (electric vehicles).
In the period last year, Tesla collected $ 428 million from this credit.
The advantage of a little dent with a decrease of $ 23 million in the value of Bitcoin assets.
Karl Brauer, analyst at Iseecars.com, said Tesla managed to compensate for higher material costs at lower costs elsewhere in operation.
“Tesla’s figure, defeating estimates with a healthy margin, confirming a strong global demand for evs continuing, enough to compensate for the challenges near Tesla,” Brauer said in the email.
The surge in Tesla’s spider came as US EV sales reached 100,000 at a quarter for the first time the last quarter, according to a report from the automotive Cox which highlighted fast sales for EV made by Ford, General Motors and Volkswagen.
Tesla remains “the dominant power on the EV market and will for some time,” said Cox, adding that “the Magic Musk brand represents a large piece of pie.” The US EV market share fell to 64 percent from 83 percent a year earlier, said Cox.
But Musk suggested he welcomed another EV, outlining a recent statement that Tesla would open the charging network to EVS made by other car makers.
The machine will be accessible to those who download smartphone applications and buy adapters.
“Our goal is to support the arrival of sustainable energy,” Musk said.
“It’s not to create a walled garden and use it to shine our competitors.” Opening the network will also make another income stream for Tesla.
The company plans to charge more to access chargers during rush hour than when lower use, said Musk.
Stocks rose 1.0 percent to $ 664.23 in trading after working hours.