Tesla extended its earnings streak for an eighth consecutive quarter, the longest stretch of profitability in company history, posting the highest net income
in company history on higher sales of Model 3 and Y electric vehicles and, as always, lucrative pollution credits.
. Sales for the quarter that ended June 30 were also a best-ever $11.96 billion, nearly double the $6 billion of the year-earlier quarter. Analysts expected $11.4 billion. , though the company’s sales of pollution credits needed by other automakers to comply with California, U.S. and European emissions rules were below the levels of a year ago and 2021’s first quarter.
The first half of the year saw production expand globally owing to the continued ramp-up of sales in China, a year after Tesla began building Model 3s in that market. Still, “supply chain challenges, in particular global semiconductor shortages and port congestion, continued to be present in Q2,” the company said. “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.
The company’s cash and equivalents declined to $16.2 billion at the end of the quarter, due mainly to $1.6 billion of debt and finance lease repayments of $1.6 billion. Free cash flow was $619 million in the quarter. Tesla also said it had an impairment of $23 million from its Bitcoin investment.
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