Market Updates
Tesla Net Income Doubles On 42% Rise In Sales
Scott Peters
20 Jul, 2022
New York City
Tesla said production and deliveries of vehicles gained despite the extended shutdowns at its facility in China and sales and profit soared in the three months to June.
Tesla June quarter sales increased 42% to $16.9 billion from $11.96 billion a year ago.
Net income rose rose 98% to $2.26 billion from $1.14 billion a year ago and diluted earnings per share jumped to $1.95 from $1.02 a year ago.
Automotive gross margin declined, but still healthy, to 27.9% from 28.4% a year ago.
Free cash flow in the quarter was nearly unchanged at $621 million from a year ago.
On a sequential basis, second quarter profit declined to $2.3 billion from the record $3.3 billion in the first quarter on the rising raw materials costs and parts shortages.
In the second quarter, Tesla production increased 25% to 258,580 vehicles and deliveries rose 27% to 254,695 vehicles, despite ongoing supply chain challenges and factory shutdowns beyond the company's control.
Store and service locations increased 19% to 709 from 598 a year ago.
June 2022 was the highest vehicle production month in Tesla
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