Tesla reported a record net income of more than $1 billion for the first time as its second-quarter earnings report exceeded expectations on Monday. File Photo by John Angelillo/UPI | License Photo
July 26 (UPI) -- Tesla exceeded analysts' expectations in the second quarter as it reported a record net income on Monday of more than $1 billion for the first time.
The electric car manufacturer reported $1.14 billion in net income for the quarter, more than double the $438 million it reported in the first quarter and 10 times its total from the second quarter of 2020.
Tesla also reported earnings of $1.45 per share, exceeding analysts' expectations of 98 cents, along with $11.96 billion in revenue, above the $11.30 billion expected.
Automotive revenue totaled $10.21 billion, including $345 million from sales of regulatory credits as it delivered 201,250 electric vehicles and produced a total of 206,421 vehicles.
On an earnings call, Tesla CEO Elon Musk said the company's production has been stymied by a computer chip shortage affecting automakers.
"While we're making cars at full speed, the global chip shortage situation remains quite serious," he said. "For the rest of this year, our growth rates will be determined by the slowest part in our supply chain."
The company also pushed back production of its Cybertruck pickup truck until after Model Y is active in Texas and delayed plans for its semi-tractor truck until 2022 due to the limited availability of battery cells.
"Cybertruck and Semi, actually both are heavy users of [battery] cell capacity," Musk said. "So we've got to make sure we have the cell capacity for those two vehicles. We are looking at a pretty massive increase in cell availability next year."
Tesla purchased $1.8 billion in bitcoin in February and two months later disclosed it had sold some of the holdings for a net income of $101 million.
In Monday's earnings report the company announced a loss of $23 million in its cryptocurrency trading.
Musk also said Monday would be one of the final quarterly earnings calls he would participate in, noting they prevent him from doing "actual other work."
"I'll do the annual shareholder meeting, but I think going forward, I will most likely not be on earnings calls unless there's something really important that I need to say."