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Home » World » Tesla posts robust $6bn in sales in Q2 despite the pandemic

Tesla posts robust $6bn in sales in Q2 despite the pandemic

Tesla shares were up more than 4 per cent in after-hours trading on Wednesday as the company beat Wall Street expectations.

By IANS
Updated on :
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Elon Musk-run Tesla has reported profits for the fourth straight quarter, making $6 billion in revenue and $104 million in net income in its June quarter even as the Covid-19 pandemic shut its factories.

Tesla shares were up more than 4 per cent in after-hours trading on Wednesday as the company beat Wall Street expectations.

“Our operating profit improved in Q2 despite challenging circumstances. Positive impacts included lower operating costs due to a temporary reduction in employee compensation expense, a sequential increase in regulatory credit revenue and deferred revenue recognition of $48 mllion related to a Full Self Driving (FSD) feature release,” the company said in a statement.

“These positive contributions were offset by significant costs related to factory shutdowns, as well as a sequential increase in non-cash SBC expense primarily attributable to $101 million related to 2018 CEO award milestones.”

In the year-ago quarter, Tesla reported $111.2 million in revenue from regulatory credits.

Musk also announced that the electric car maker will build its new Gigafactory near Austin, Texas.

The Palo Alto-based company delivered 90,650 vehicles in the June quarter. It achieved the feat despite its Fremont, California-based factory being out of action owing to Covid-19 lockdown for most part of the quarter.

Tesla delivered 80,050 Model 3s and Model Ys in the quarter and 10,600 of its Model S luxury sedan and Model X SUVs.

“In the second quarter, we produced over 82,000 vehicles and delivered approximately 90,650 vehicles,” Tesla said in an earlier statement.

–IANS

(This story has not been edited by Newsd staff and is auto-generated from a syndicated feed.)
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