„Supply chain hell has been going on for several years,” CEO Elon Musk said.

Moscow. 21 July. INTERFAX.RU – American manufacturer of electric vehicles Tesla Inc. doubled net profit in the second quarter of 2022, revenue – 1.4 times, despite continued problems in supply chains and production restrictions in Shanghai due to covid restrictions.

The company’s net profit in April-June 2022 increased to $2.3 billion compared to $1.1 billion in the same period last year. Earnings per share rose to $1.95 from $1.02.

Earnings before one-off factors was $2.27 per share, beating the median forecast of analysts polled by FactSet of $1.81 per share.

Tesla’s quarterly revenue rose to $16.9 billion from $12 billion a year earlier, with a consensus forecast of $16.5 billion.

The quarter was difficult, but „we have the opportunity to make the second half of this year a record year,” despite various force majeure and other problems that are beyond the company’s control, Tesla CEO Elon Musk said.

„Supply chain hell has been going on for years,” he said.

Tesla reported earlier this month that it produced 258,580 vehicles in the second quarter, with production reaching an all-time high in June.

The company’s free cash flow in the second quarter was $621 million compared to $619 million a year earlier and $2.23 billion in the first quarter. The quarter-on-quarter decline was expected given the production cuts at Tesla’s Shanghai facility in April and May. However, it outperformed the average market forecast of $487 million.

At the end of the second quarter, Tesla had $18.9 billion in cash and cash equivalents. The company sold 75% of its bitcoins, worth $936 million, and owned $218 million worth of bitcoins as of the end of June.

“We were worried about the company’s overall liquidity due to shutdowns in China,” Musk said, noting that Tesla is ready to increase investments in bitcoin in the future.

Since the beginning of 2022, Tesla shares have fallen in price by almost 30%.