Tesla Profits Rise Through Q2 Despite Production And Deliveries Slowing | Carscoops carscoops
Tesla profits have jumped on the back of price hikes across its range despite encountering production issues.reveal that net income jumped to $2.26 billion compared with $1.14 billion in the second quarter of 2021. Tesla’s operating income also improved to $2.5 billion in the second quarter, resulting in a 14.6 per cent operating margin.
Tesla ended the quarter with $18.9 billion in cash, cash equivalents and short-term marketable securities, an increase of $902 million over the previous quarter. The company also revealed that as of the end of Q2, it had converted approximately 75 per cent of its Bitcoin purchases into fiat currency, adding $936 million of cash to its balance sheet.Tesla Ordered To Pay $10.
“We continued to make significant progress across the business during the second quarter of 2022,” the carmaker said. “Though we faced certain challenges, including limited production and shutdowns in Shanghai for the majority of the quarter, we achieved an operating margin among the highest in the industry of 14.6%, positive free cash flow of $621M and ended the quarter with the highest vehicle production month in our history.
While Tesla may have ended the quarter strongly, total Q2 production topped out at 258,580 units, down from the 305,407 vehicles produced in the first quarter and the 305,840 that were built in the fourth quarter of 2021.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla Q2 Earnings Live: Tesla Ends Streak of Record Quarterly ProfitsThe electric-vehicle maker reported its first sequential decline in quarterly profit in more than a year as it recovers from an extended shutdown at its Shanghai assembly plant.
Read more »
Watch Tesla Conference Call Livestream Here — Q2 2022Tesla will start its quarterly conference call about corporate revenue, profits, and major developments in a few minutes. We at CleanTechnica are again publishing the most comprehensive livestream of the conference call, adding things like
Read more »
Breaking: Tesla sold 75% of Bitcoin holdings in Q2Tesla was once one of the largest corporate holders of Bitcoin. Now, its 'digital asset' reserves stand at just $218 million.
Read more »
Tesla Q2 Earnings Live: Streak of Record Profit Expected to EndThe electric-vehicle maker reports quarterly results after the closing bell, and the company is expected to show a slowdown in profits reflecting temporary production disruptions in China and inflationary pressures.
Read more »
Tesla stock rises after EV maker reports better-than-expected Q2 profit, jump in salesTesla reported second-quarter earnings above Wall Street projections, defying expectations. $TSLA said it earned $2.3 billion, or $1.95 a share, in the second quarter, compared with $1.1 billion, or $1.02 a share, in the second quarter of 2021.
Read more »
Tesla Q2 2022 Earnings Report: Profitable Again, Against All OddsTesla just released its positive Q2 2022 earnings report. See more details on Tesla's financial situation right here.
Read more »