Tesla Inc TSLA topped 200,000 electric vehicles produced and delivered in the second quarter and shared an update on what’s ahead with its second-quarter financial results reported after market close Monday.
What Happened: Tesla's total revenue of $11.96 billion was up 98% from the prior year's quarter.
Earnings per share of $1.45 topped Street consensus of 96 cents per share.
Total vehicle production totaled 206,421, up 151% year over year. Deliveries in the second quarter were up 121% year-over-year to 201,304.
Tesla reported a 2% year-over-year decline in the average sale price of its vehicles in the quarter. The company highlighted the strong continued demand for electric vehicles.
“Public sentiment and support for electric vehicle seems to be at a never-before-seen inflection point,” the company said.
Tesla saw solar deployed of 85MW, up 215% year-over-year. Energy storage totaled 1,274MW, up 204% year-over-year.
The company ended the quarter with $16.2 billion in cash.
No digital asset purchases or sales were recorded during the second quarter, meaning Tesla did not buy or sell additional Bitcoin BTC/USD, an asset it sold a portion of in the first quarter. However, Tesla recorded an impairment of $23 million in the quarter due to the drop in the price of Bitcoin. The price of the cryptocurrency fell from around $60,000 to $34,000 from the end of the first quarter to the end of the second quarter.
Related Link: Tesla’s Revenue Rises 74% To $10.4B In Q1
What’s Next: Tesla plans to grow its manufacturing capacity as “quickly as possible.” The company said it's working hard to increase production and drive costs down so that electric vehicles can be accessible to more people.
“We expect to achieve 50% average annual growth in vehicle deliveries,” the company said based on a multi-year horizon. The rate of growth could depend on capacity, operations and the supply chain.
Tesla said it's on track to build its first Tesla Model Y vehicles in Berlin and Austin in 2021. The Tesla Cybertruck is planned for production in Austin subsequent the Model Y launch, according to the company.
The company is shifting the launch of the Tesla Semi truck program to 2022. The shift is being done due to the limited availability of battery cells and a global supply chain challenge.
TSLA Price Action: TSLA shares are up 2% to $671.12 in after-hours trading.
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