Tesla reported record second-quarter earnings on Wednesday, despite ongoing supply chain challenges and production snags.
The electric car maker posted earnings of $2.26 per share, beating analysts’ expectations of $1.81 per share. Revenue came in at $16.93 billion, also above expectations of $15.56 billion.
Tesla CEO Elon Musk said the company is “still dealing with some of the supply chain and manufacturing challenges” that have been plaguing the auto industry for months. However, he said Tesla is “making progress” and is “confident” in its ability to meet its production goals for the year.
For the full year, Tesla is forecasting deliveries of 1.5 million to 1.6 million vehicles. This would be a significant increase from the company’s 936,172 deliveries in 2022.
Musk said Tesla is also “on track” to start production of its Cybertruck pickup truck and its Semi truck later this year.
The strong earnings report sent Tesla shares up more than 5% in after-hours trading.
Here are some additional details from the article:
- Tesla’s profit margins were also strong in the second quarter, coming in at 25.8%. This is up from 22.7% in the first quarter.
- The company’s automotive gross margin was 32.9%, also a record.
- Tesla’s free cash flow was $6.22 billion in the second quarter, the highest quarterly free cash flow in the company’s history.
Overall, the strong earnings report is a sign that Tesla is still on track to achieve its ambitious growth goals. However, the company will need to continue to navigate the ongoing supply chain challenges in order to meet its full-year production goals.
