In spite of the struggles that Tesla and many other automakers have faced in the past year, the dynamic EV brand is consistent about coming out on top.
Supply chain woes persist for Tesla
Still, Tesla is pushing forward with its plan to increase vehicle deliveries by 50% on average year-over-year for the next several years. As of right now, the automaker is still on track.
“They are maintaining their 50% growth rate, which is a bit of a surprise. I thought they might back off from that,” said Gene Munster of Loup Ventures to Bloomberg. “They are doing a good job navigating a difficult environment.”
Tesla’s surprising Q2 outcomes
On a call with analysts reported by Bloomberg, Musk explained Tesla’s Q2 victory. “[I]t’s been kind of supply chain hell for several years,” said Musk, “We have the potential for a record-breaking second half of the year.”
This news came after Tesla sold 75% of its Bitcoin holdings. Originally purchased for $1.5 billion back in February, Tesla sold off $963 million of its Bitcoin assets following concerns about the company’s liquidity.
Tesla’s adjusted earnings of $2.27 per share exceeded the average of $1.83, but its still a profit decline from the $3.22 per share of the first quarter. It was also the first time in two years that the company failed to increase deliveries from one quarter to the next.
Tesla ownership costs are rising
One unfortunate outcome of Tesla’s ongoing supply chain issues is that consumers pay in the end. Finding a way to keep manufacturing costs down and access to raw materials easier and more sustainable will pay off for Tesla and other EV makers.
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