Tesla offers its record 200,000 cars to its customers
Tesla (NASDAQ: TSLA) has revealed that its profits skyrocketed in the last quarter despite supply issues caused by a shortage of semiconductor chips among other issues.
In the previous quarter, which ended in June, its revenue rose to £8.6 billion from £4.3 billion the previous year.
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During the same period, the electric car manufacturer delivered a record 200,000 cars to its customers.
Tesla has confirmed that its profits have improved thanks to strong levels of sales.
Second quarter profits were £800 million from £75.5 million last year, thanks to sales of the Model 3 sedan and Model Y.
The results come as automakers around the world found it difficult to deal with demand due to a shortage of semiconductors.
“Our biggest challenge is the supply chain, especially microcontroller chips. Tesla’s CEO Elon Musk said: “The fear of shortages is the excessive ordering of all businesses This is a massive scale, like a shortage of toilet paper.”
The company has adapted using other suppliers, but supply issues have not discouraged customers from wanting Tesla vehicles.
“The general sentiment and support of electric vehicles appears to be at an unprecedented inflection point,” the company said in a statement.
Tesla shares rose 2.21% on Monday.
Tesla also revealed that the losses from Bitcoin offset some of the money they earned from car sales.
The automaker has lost $23 million in losses on Bitcoin Holding over the past few weeks.
Tesla did not buy or sell digital assets in the second quarter, as it purchased $1.5 billion worth of cryptocurrency in the first quarter of this year.
