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Tesla Posts Record $1.1 Billion Profit; Elon Musk Cautions on Chip Shortage

"With global vehicle demand at record levels, component supply will have a strong influence on the rate of our delivery growth for the rest of this year," Tesla said.

Tesla  (TSLA) - Get Tesla Inc Report posted stronger-than-expected second quarter earnings Monday and said it's on track to build the first Model Y sedans from new facilities in Austin and Berlin before the end of the year.

CEO Elon Musk, however, added in an investor call following the earnings that the global shortage in semiconductor supplies remains "quite serious" and could impact production rates over the second half of the year, adding that volume growth will depend on the availability of other parts in the global supply chain.

Musk also said he would no longer participate in regular earnings calls, unless he had "something really important to say".

Tesla said non-GAAP earnings for the three months ending in June were pegged at $1.45 per share, up 230% from the same period last year and well ahead of the Street consensus forecast of 98 cents per share. Net income on a non-GAAP basis came in at $1.616 billion, Tesla said, and $1.142 billion on a GAAP basis. 

Group revenues, Tesla said, rose 98% from last year to a record $11.96 billion, firmly ahead of analysts' forecasts of an $11.3 billion tally. Gross automotive margins were 28.4%, Tesla said, 300 basis point higher than last year. 

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Tesla also added that its took a $23 million impairment hit on its bitcoin holdings over the second quarter and that revenue from the sale of regulatory credits was pegged at $354 million.

"Supply chain challenges, in particular global semiconductor shortages and port congestion, continued to be present in Q2," the company said. "The Tesla team, including supply chain, software development and our factories, worked extremely hard to keep production running as close to full capacity as possible."

"With global vehicle demand at record levels, component supply will have a strong influence on the rate of our delivery growth for the rest of this year," Tesla added. "We successfully launched Tesla Vision in Q2, which was mainly possible due to our ability to use data from over a million Tesla vehicles to source a large, diverse and accurate dataset. We continue to work hard to drive down costs and increase our rate of production to make electric vehicles accessible to as many people as possible. " 

Tesla shares were marked 1% higher in extended-hours trading immediately following the earnings release, indicating a Tuesday opening bell price of $663.75 each.

Tesla delivered 201,250 new cars over the three months ended in June, the company reported on July 2, a record total that included the production of 199,360 Model 3s and Model Ys and was a 9% improvement from the previous quarter.

The tally takes Tesla's first half delivery total to around 386,000, leaving it facing the prospect of two more record quarters to reach the Street consensus of 860,000 deliveries for the year.