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Tesla Makes Profit After 2 Years
- By The Financial District
- Jul 28, 2021
- 1 min read
Tesla has made a profit from car sales for the first time in almost two years, as it passed $1 billion (€848.7 million) in quarterly profit for the first time.
Tesla's current run of eight profitable quarters in a row wouldn't have been possible without the sale of carbon emissions credits to other manufacturers. This is the first time the company has been profitable even without credit sales since October 2019, according to Euronews Green.
Overall, Tesla saw $11.98 billion (€10.09 billion) in revenue from April to June this year, with a record net profit for the quarter of $1.14 billion (€967.2 million).
The company's revenue surpassed analysts' expectations, driven by strong sales of its more affordable Model 3 and Model Y vehicles
Analysts had predicted the company would take about $11.3 billion (€9.59 billion) in revenue during the last quarter, according to market data firm Refinitiv.
"Tesla impressed with its numbers, as most of its revenue came from vehicle sales,"said Jesse Cohen, senior analyst at Investing.com.
The record quarterly profit came despite some setbacks: Tesla reported a roughly €20 million loss in its Bitcoin holdings, while sales of regulatory carbon credits also fell.
