Electric car giant Tesla broke a number of records when he released his second-quarter 2021 results after the close of US stocks on Monday.
According to the financial report, Tesla's total revenue in the second quarter reached an all-time high of 11.96 billion US dollars, higher than the expected figure of 11.3 billion US dollars and 6.04 billion US dollars in the same period last year, up 98 per cent from the same period last year. Of this total, the total revenue of the automotive division was $10.21 billion, surpassing the $10 billion mark for the first time in history, compared with $5.18 billion in the same period last year. The gross profit margin for cars was 28.4%, higher than in any of the past four quarters.
The company's second-quarter net profit exceeded $1 billion for the first time, up 998% from the same period last year. Earnings per share were $1.45, higher than analysts' expectations of $0.98, compared with $0.44 in the same period last year, up 230% from a year earlier.
Such astonishing growth is mainly due to soaring car production and delivery. The company produced 206000 electric vehicles in the second quarter, up 151% from a year earlier, of which Model 3 and Model Y accounted for 204000, an increase of 169%. A total of 201000 electric vehicles were delivered in the second quarter, up 121% from a year earlier, of which Model 3 and Model Y accounted for 199000, an increase of 148%.
In the financial report, Tesla said bluntly that as global demand continues to be strong, production has reached the limit of existing parts supply. "although we saw continuing semiconductor supply challenges in the second quarter, we were able to further increase our production."
Tesla is expected to continue to increase production of all models for the rest of the year and is expanding on three continents. Some progress has been made in the construction of the plant in Texas, and commissioning has begun in some areas. Demand in Europe still far exceeds supply and the Berlin plant continues to install equipment so that production can start as soon as possible.
Tesla pointed out, "due to strong US demand and global average cost optimization, we have completed the transformation to the Shanghai super factory as a major automobile export hub." Despite slight disruptions due to supply chain challenges and factory upgrades, production in Shanghai remains strong.
Looking ahead, Tesla said deliveries this year could exceed his long-term forecast of 50 per cent growth. It added, "in some years, we may grow faster, and we expect that to happen in 2021."
Tesla stressed in the financial report that the company recorded a $23 million bitcoin impairment in the second quarter and currently holds net digital assets worth $1.311 billion. The company also said the launch of the Semi truck project was delayed until 2022 due to limited battery supply and challenges in the global supply chain.
Tesla's shares rose more than 1% in after-hours trading after the results were announced, and the company's shares closed up 2.21% on Monday.
