Tesla said Wednesday that second-quarter profits fell almost one-third from the first quarter as deliveries slowed due to the shutdown of Shanghai automakers’ factories and a shortage of raw materials.
Profit It was $ 2.3 billion this quarter, Tesla said it was record-breaking compared to $ 3.3 billion in the first quarter. Revenue decreased from $ 18.8 billion in the first quarter to $ 16.9 billion.
The car maker was also hit by the plunge in Bitcoin prices. Tesla said it had invested $ 1.5 billion in cryptocurrencies in early 2021. The company said Wednesday that it had sold about 75% of Bitcoin by the end of June.
Profit has almost doubled compared to the second quarter of 2021. However, because Tesla is a fast-growing company, quarterly progress or shortfalls are more closely monitored by investors.
Tesla dominates and grows in the global electric vehicle market, but traditional automakers such as Toyota and General Motors have recorded sharp declines in sales. But last quarter was bumpy.
Tesla vehicle delivery From April to June, it decreased by 18% from the first three months of the year. This is an unusual decline for companies that have recorded strong quarterly growth in recent years. (Second quarter delivery increased 26% compared to the previous year.)
China, which accounts for about 40% of Tesla’s sales, is plagued by the closure of its Shanghai plant in connection with a pandemic and a shortage of key parts and materials. Tesla was unable to increase production as planned at its new plants near Austin, Texas and Berlin.
Tesla CEO Elon Musk told the company’s fan club interviewer last month that the Austin and Berlin factories “Money KamadoIt cost the company billions of dollars while producing a small number of vehicles. He said Tesla’s top priority was to launch them and bring the Shanghai factory back into normal operation.
Tesla said production in Shanghai recovered in June and plants in Berlin and Austin are making progress. “We are focusing on the record second half of 2022,” Tesla said in its earnings announcement.
The electric vehicle market is becoming more competitive and traditional automakers are eroding Tesla’s leads. Hyundai, Kia and Ford Motors gained significant market share in electric vehicles, while Tesla lost its position in the United States. Tesla had a 66% share of the US electric vehicle market at the end of the second quarter, down from 78% in the fourth quarter of 2021, according to figures compiled by the Kelley Blue Book.
