Tesla, the US carmaker that aims to become an example of technological independence, reported sales of $13.8 billion last quarter.
Summary
Tesla, turnover and sales on the rise
Compared to what was expected, the 57% annual increase gave the company great satisfaction.
In terms of automotive revenue, the expectation was far exceeded by a 58% increase. Operating profits themselves exceeded $2 billion, an increase of 148% year-on-year, albeit slightly less than had been structurally anticipated.
Vehicle deliveries in particular increased by 73%.
The succession of slightly lower operating profits reflects a change that is bearing fruit. This is because the growth in operating margins reflects a reduction in costs. Selling prices in the last quarter were a little lower, with a reduction in income from regulatory credits.
Add to this the echo of the Bitcoin-related write-down of $51 million.
Tesla’s investments and liquidity
The investment approach being pursued by the company led by Musk is a source of new economic insight. The investment made in the creation of new factories, mainly in Berlin, the Texas area and Shanghai, has brought in $1.8 billion. Compared to a year ago, free cash touched $1.3 billion in the quarter.
It’s amazing how this company’s business plans yield immediate returns. Tesla ended the first half of the year with net cash of $7.9 billion.
Tesla shares take a hit on the markets
The only downside suffered after the announcement concerning the semiconductor shortage and the blackouts generated was a flattening on the stock markets.
Tesla’s shares came to a temporary stop.
Nicholas Hyett, equity analyst at Hargreaves Lansdown said:
“Operating profits are slightly behind market expectations, which we put down mostly to a 30% fall in sales of incredibly lucrative regulatory credits. But despite that these are very impressive numbers”.
This suggests that the internal staffing of the new strategy implementation section itself has fallen short of the mark.
Continuous blackouts, unavailability of chips and, above all, transport disruptions have created inconveniences and delays.
Tesla’s wild card in these cases is always the great fluidity of cash, which gives everyone a chance to get back on their feet. Musk’s own ambition is to enhance the system with new and innovative productivity that looks at eco-sustainability.
The total valuation of the corporate group, however, leaves some points uncovered. There is not yet a strong software business, and depreciation and amortization have increased by 30% year-on-year.
Tesla is still a young company and its growth target will certainly exceed expectations.
