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Tesla’s New Factory Outside of Berlin Exceeded 1,000 Cars Per Week In June – $TSLA $SPY

By John F. Heerdink, Jr.

Tesla (TSLA) released quarterly earnings, reporting adjusted earnings per share of $2.27 versus the $1.81 expected, and revenue of $16.93 billion was reported versus $17.1 billion expected. Automotive gross margin came in at 27.9%, down from 32.9% last quarter and 28.4% a year ago, and was hit by inflation and greater competition for battery cells and other components that go into electric vehicles. 

Automotive revenues stood at $14.6 billion of the company’s total, with $1.47 billion coming from services and other revenue, and $866 million from the company’s energy segment. The company generated $344 million in automotive regulatory credits revenue in the second quarter. 

Tesla’s new factory outside of Berlin exceeded 1,000 cars per week in June, and CEO, Elon Musk expects the company’s new factory in Austin, Texas to exceed the 1,000-per-week production milestone in the next few months. With two new factories now standing in Texas and outside of Berlin in Germany, the EV giant has kept its soft guidance for “50% average annual growth in vehicle deliveries,” over a “multi-year horizon.

Tesla stated that at the end of  Q2, it has converted approximately 75% of our Bitcoin purchases into fiat currency, and conversions in Q2 added $936M of cash to its balance sheet. Overall, the company’s cash and cash equivalents increased by $847 million during the quarter. Tesla made waves among crypto enthusiasts when it announced in early 2021 that it had purchased $1.5 billion worth of bitcoin.

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(Read Original Story: Tesla grows revenue 42%, but automotive margins decline in CNBC)


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