11:47 - 20.07.2023

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July 20, Fineko/abc.az. American electric car manufacturer Tesla Inc. increased its net profit by 20% in the 2nd quarter of 2023, revenue almost by one and a half times, and adjusted profit and revenue were better than market forecasts.

ABC.AZ reports with reference to the Tesla press release that company's net profit in the last quarter increased to $2.7 bn compared with $2.3 bn for Q2 of 2022. Earnings per share rose to $0.78 from $0.65.

Earnings excluding one-time factors were $0.91 per share, exceeding the average forecast of analysts surveyed by FactSet at $0.8 per share.

Tesla's quarterly revenue jumped 47% to $24.9 bn, with the consensus forecast of experts at $24.2 bn.

Gross margin dropped to 18.2% from 18.8% a quarter earlier, which was generally expected. Operating margin fell to 9.6%, becoming the lowest in the last five quarters. The drop in profitability is conditioned with an active decline in car prices in order to increase market share.

"We are still aiming to deliver 1.8 million vehicles this year, but we expect production to decline slightly in the 3rd quarter because of suspension of factories for their upgrade," Musk said.

Earlier this month, Tesla reported that it delivered 466,100 cars in the 2nd quarter and produced 479,700 cars.

Tesla shares fell 4.3% in additional trading on Wednesday. Since the beginning of this year, their value has soared 2.4-fold, while the S&P 500 stock index has gained about 19%.