Tesla is expected to post record quarterly profit, largely avoiding the effects of a global chip shortage that has crippled the global auto industry.
and produced Silicon Valley Electric Vehicle Manufacturing Company More than 206,000 cars in the second quarter, more than double production a year ago.
Global auto sales have fallen somewhat amid a shortage of semiconductors, and many automakers, including Ford Motor Company and General Motors, have been forced to shut down assembly plants due to supply constraints, pressure on vehicle inventories and price hikes.
Wall Street expects Tesla’s auto delivery growth to help drive second-quarter revenue to nearly $11.4 billion, compared to $6 billion a year earlier, according to analysts polled by FactSet, and net income is expected to reach, when the company releases results. After Monday’s bell, it increased to about $600 million, nearly 6 times the previous year’s profit, according to the “Wall Street Journal” and seen by Al Arabiya.net.
For his part, CEO of Tesla, Elon Musk, said in June: “The biggest challenge we face is the supply chain, especially the control chips.” “The fear of running out is causing every company to over-demand – like a shortage of toilet paper, but on an epic scale.”
The company said it made up for the shortfall in the first quarter by switching to new chips and developing software for devices made by new suppliers.
Analysts expect Tesla to continue increasing production, and expect to deliver 231,000 vehicles for the current quarter.
And Tesla, in the quarter ending June 30, had to contend with other problems. Its investment in bitcoin could reach the company’s bottom line after the cryptocurrency’s price dropped dramatically in the second quarter.
Tesla pumped $1.5 billion in bitcoin earlier this year and briefly accepted the cryptocurrency to buy its cars, only to be paused in May due to concerns about the energy used to mine bitcoin.