{"id":206234,"date":"2021-07-26T16:47:13","date_gmt":"2021-07-26T20:47:13","guid":{"rendered":"https:\/\/www.thedetroitbureau.com\/?p=206234"},"modified":"2021-07-26T16:47:14","modified_gmt":"2021-07-26T20:47:14","slug":"tesla-sets-new-q2-record-exceeding-1b-profit-mark","status":"publish","type":"post","link":"https:\/\/thedetroitbureau.com\/2021\/07\/tesla-sets-new-q2-record-exceeding-1b-profit-mark\/","title":{"rendered":"Tesla Sets New Q2 Record Exceeding $1B Profit Mark"},"content":{"rendered":"\n

Tesla surpassed the $1 billion profit mark for the first time on the strength of record-setting production and deliveries during the second quarter. <\/p>\n\n\n\n

\"tesla
Tesla surpassed the $1 billion profit mark for the first time in the second quarter.<\/figcaption><\/figure><\/div>\n\n\n\n

The California-based EV maker\u2019s $1.1 billion profit was matched by its 11% margins. The company reported revenue of $11.96 billion during the quarter, exceeding analysts\u2019 estimates of $11.4 billion<\/a><\/u><\/strong> for the quarter, according to FactSet.<\/p>\n\n\n\n

Much of the company\u2019s revenue came from its automotive division, which posted a 97% year-over-year increase for Q2 of $10.2 billion. Perhaps just as importantly, its regulatory credits contributed just $354 million, a decline of 17 percent.<\/p>\n\n\n\n

\u201cOur operating income improved in Q2 compared to the same period last year to $1.3 billion,\u201d the company said in its report<\/a><\/u><\/strong> to shareholders, \u201cresulting in an 11% operating margin. This profit level was reached while incurring SBC expense attributable to the 2018 CEO award of $176 million in Q2, driven by a new operational milestone becoming probable.\u201d<\/p>\n\n\n\n

Profits come using tried-and-true formula<\/h2>\n\n\n\n
\"\"
Deliveries of the new Model S took off during the second quarter.<\/figcaption><\/figure><\/div>\n\n\n\n

The company noted its operating income rose because of \u201cvolume growth and cost reduction.\u201d The improvements came despite a $23 million hit it took for dabbling in Bitcoin and production issues associated with semiconductor shortages.<\/p>\n\n\n\n

Employees charged with cutting costs and improving production performed well during the quarter, Tesla noted, but to earn big profits in the second half of the year, they\u2019ll need to remain diligent.<\/p>\n\n\n\n

\u201cWith global vehicle demand at record levels, component supply will have a strong influence on the rate of our delivery growth for the rest of the year,\u201d the company said in the report.<\/p>\n\n\n\n

EV sales hit at an all-time high<\/a><\/u><\/strong> in the U.S. during the second quarter, and Tesla recognizes the market is changing. \u201cPublic sentiment and support for electric vehicles seems to be at a never-before-seen inflection point,\u201d it said in the report. \u201cWe continue to work hard to drive down costs and increase our rate of production to make electric vehicles accessible to as many people as possible.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Tesla surpassed the $1 billion profit mark for the first time on the strength of record-setting production and deliveries during the second quarter. The California-based EV maker\u2019s $1.1 billion profit was matched by its 11% margins. Find out more at TheDetroitBureau.com.<\/p>\n","protected":false},"author":4389,"featured_media":158895,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[5,7,8,10],"tags":[386,1866,1871,1870,1869],"make":[],"post-state":[335],"category_old":[],"acf":[],"_links":{"self":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/206234"}],"collection":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/users\/4389"}],"replies":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/comments?post=206234"}],"version-history":[{"count":8,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/206234\/revisions"}],"predecessor-version":[{"id":206242,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/posts\/206234\/revisions\/206242"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media\/158895"}],"wp:attachment":[{"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/media?parent=206234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/categories?post=206234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/tags?post=206234"},{"taxonomy":"make","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/make?post=206234"},{"taxonomy":"post-state","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/post-state?post=206234"},{"taxonomy":"category_old","embeddable":true,"href":"https:\/\/thedetroitbureau.com\/wp-json\/wp\/v2\/category_old?post=206234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}