Tesla Inc on Wednesday reported a smaller-than-expected drop in quarterly profit as a string of price increases on its electric vehicles helped offset production challenges caused by COVID-19 lockdowns in China.
Tesla does not have a demand problem, but a production problem, Musk told a conference call. He dismissed the idea that global economic problems were hurting interest in Tesla, despite vehicle prices' rising to what he called"embarrassing levels". Tesla's China factory ended the second quarter with a record monthly production level. Musk said new factories in Berlin and Texas aimed to produce 5,000 cars a week by the end of the year, adding that Berlin produced 1,000 cars a week in June.
Tesla executives acknowledged some continuing tightness in supplies of older-generation microchips, but said there were no major problems in supplies of chips and batteries barring unforeseen COVID-related shutdowns. Tesla's total revenue fell to US$16.93 billion in the second quarter from US$18.76 billion a quarter earlier, ending its streak of posting record revenue in recent quarters.BITCOIN TO CASH
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