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| Tesla has a net income of over $1 billion |
Tesla has sold enough cars and energy products to turn a profit, even if it doesn't count sales of carbon credits to other automakers, a huge milestone for the company.
This is the eighth consecutive quarter that Tesla has posted a profit. But this is the first time it has been a profitable automaker.
The company said it had $1.1 billion in revenue for the second quarter of 2021, of which $354 million was from loan sales. The rest comes from growth in car sales and energy storage.
Despite the big bet on Bitcoin (which helped it become profitable last quarter), the delayed launch of the improved Model S and Model X, and the global semiconductor shortage, Tesla managed to do just that.
The company's revenue for the quarter was $11.9 billion.
The Model 3 and Y dominate Tesla sales once again, proving once again that there is a market for affordable electric cars.
Tesla shipped more than 200,000 Model 3 and Model Y vehicles in the quarter, while Model S shipped 1,895 vehicles.
Apparently, the initial success of the Model Y is enough to support the company's development. But it is difficult to determine its exact size. This is because the company does not sell separately as one model.
The same is true in China where the company does not sell separately by country/region. But it has been delivering homemade cars to factories outside Shanghai for more than a year.
This enables the company to develop its activities further. Tesla sees the Chinese factory as an important car export hub.
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Tesla has a net income of $1 billion
The company's two plants in Texas and Germany are expected to have more capacity when they start producing cars.
These plants lowered the cost of auto sales in certain regions and helped the company's original California facility operate at full capacity for a while.
The global growth of the automotive business comes at the expense of some other projects. As mentioned earlier, the company has again postponed the launch of its trailer on the market until 2022.
The company said that half of its trailer is almost ready for production. However, mass production of them will eliminate the availability of the next generation batteries required for the Cybertruck and Model Y trucks.
Tesla has also updated the evolution of next-generation batteries. This was announced at Battery Day last year.
"A lot of progress has been made, but more work is needed to achieve mass production," the company said. We successfully tested the new vehicle design and these units are built into the structural frame.