In the second quarter (Q2) of this year, Elon Musk-run Tesla reported revenue of $25 billion and a net income of $2.7 billion.
The revenue was also 50% higher than the $16.9 billion in sales from the prior year and was primarily made up of $21.3 billion in automotive sales from April to June.
According to a statement released by Tesla late on Wednesday, the company produced nearly 480000 vehicles and delivered over 466000 during the second quarter.
“For 2023, we expect to remain ahead of the long-term 50 percent CAGR with around 1.8 million vehicles for the year,” states Tesla’s earnings report.
Production will slightly decline in Q3, according to Musk, as a result of scheduled downtime for factory upgrades.
“We actually have to reduce the price of the car because the interest payments increase the price of the car,” he continued. “When interest rates rise dramatically.” Cybertruck was finally put on display by Tesla at its Gigafactory in Austin, Texas.
“It’s always very difficult to predict the ramp initially, but I think we will be making them in high volume next year, and we will be delivering the car this year,” said Musk.
Even with price cuts in Q1 and early Q2, the company claimed that its operating margin, which was around 10%, remained healthy.
Cost reduction, the creation of new products that will support future growth, R&D investments, better financing options for vehicles, ongoing product improvement, and free cash flow generation are our main priorities, according to Tesla. The company declared that it is currently certifying and validating cybertruck vehicles all over the world.
“This might be the most unique vehicle product in decades; with that comes trailing and testing new technologies. Both technologically and architecturally, this vehicle will break a lot of boundaries,” said the company.
See also: Mumbai rains: All schools will be closed on Thursday due to a heavy rain warning
Most distant black hole discovered by a Webb Space Telescope
India and Pakistan will play each other on October 15 in Ahmedabad in the ICC World Cup 2023