Tesla Crushed It

An illustration of a white Tesla sedan in front of a turquoise background. The tire rims are bedazzled silver dollar signs surrounded set in a gold circle.

Despite facing supply chain challenges “like the toilet paper shortage, but at epic scale”—in Elon Musk’s words—Tesla scored record profit, revenue, and deliveries last quarter.

Key takeaways

  • Tesla earned $12 billion in revenue, nearly double last year, and profits topped $1 billion for the first time.
  • How’s the $1.5 billion investment in bitcoin going? The company reported a $23 million “impairment” related to its bitcoin holdings.
  • Due to limited battery cell availability, the company has delayed the launch of Semi, its long-haul truck, to 2022.

While Tesla’s quarter was super impressive, anxious investors have focused more on growing competition in the EV industry and increased regulatory scrutiny in China, which is a key market for Tesla. The company’s stock is down nearly 10% this year compared to GM’s 38% gain.

EV vibe check: patio szn. Sales of electric vehicles in the US more than doubled in the first half of 2021 compared to last year. Lucid Motors started trading publicly yesterday in the industry’s biggest SPAC deal. And Lordstown Motors, which makes electric pickup trucks, raised $400 million in much-needed capital.

MORNING BREW

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