BusinessLatest From News

An Increase in the Annual revenue of Tesla

By BFTLR Team

Tesla reported a rise of 2% in shares. The company reported $1.4 billion in GAAP net income for the quarter. This is the first time that it has surpassed $1 billion. In the last year quarter, the net income was $104 million. About 3.5% of revenue came from sales of regulatory credits. During the end of the quarter, June 20, 2021, Tesla had made deliveries of 201,250 electric vehicles & production 206,421 total vehicles. The company has earned revenue worth $801 million from its energy business that includes solar photovoltaics & energy storage systems for homes, businesses & utilities. There is an increase of 60% from the last quarter. CEO Elon Musk has declared that the company will now be producing only 30,000 to 35,000 energy storage units reason being the shortage of chips. The company’s cash position decreased about 5% from last quarter to $16.23 billion. The decline is mainly by net debt & payment of financial lease of $1.6 bn. Among the challenges faced by Tesla is a backlash from customers in China & the U.S. & delayed deliveries of a high-performance version of the flagship sedan, the Model S Plaid. Investors are asking for updates on the initiation of commercial production of Cybertruck & custom battery cells. Shortage of parts & raw material has caused a delay in the launch of the Semi-truck program until 2022. The biggest struggle this quarter was the procurement of modules that controlled airbags & seatbelts in Tesla vehicles. This lack of supply has limited the production in Fremont, California & Shanghai. Tesla uses the same semiconductors & battery cells in cars as well as energy storage products hence the company has reduced its production of Powerwalls, & Megapack battery systems. The strategy to manage its cell supply is to first use it for vehicles & whenever there is an excess route it is to making Powerwalls & Megapacks.

Tesla’s Vice President of Vehicle Engineering Lars Moray said that Cybertruck production will begin at Tesla’s new plant in Texas somewhere by the end of 2021. Musk & Drew Baglino, senior vice president of powertrain & energy engineering says that the Supercharger DC fast-charging stations will eliminate the wait for drivers to charge the vehicles.

Source: CNBC

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button