Tesla Tops $1 Billion in Profit, Delays Semi Launch
upstart writes:
Tesla tops $1 billion in profit, delays Semi launch:
Tesla TSLA, +2.21% said it earned $1.14 billion, or $1.02 a share, in the second quarter, compared with $104 million, or 10 cents a share, in the year-ago quarter. Adjusted for one-time items, the company earned $1.45 a share.
Revenue rose 98% to $11.96 billion, from $6.04 billion a year ago, which the company pinned in part on substantial growth" in vehicle sales.
[...] The chip shortage remains quite serious," Chief Executive Elon Musk said in a call after the results. The chip supply is fundamentally the governing factor on our output," and it's hard to say how long it will last because it's out of Tesla's control, he said.
Tesla has used alternative chips, but that's not just a matter of doing a swap, as new software then has to be rewritten, Musk said.
Besides the delay of the Semi launch to 2022, Musk and Tesla executives left vague the start of production of the Cybertruck, its much-awaited pickup, at the under-construction Austin, Texas, plant, saying only it would be later this year.
Production of the vehicle was expected for early 2021, and the Tesla Semi, revealed in 2017, has been delayed by a couple of years.
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