Cars on the manufacturing floor at the Tesla factory in Texas. Photograph: Jay Janner/Austin American-Statesman/APTesla withstood disruptions to production in China and the high costs of scaling up new plants in Texas and Germany to report a 57 per cent jump in adjusted earnings per share in its latest quarter.
Chief executive Elon Musk’s enthusiasm for cryptocurrencies meant the carmaker was one of the first companies to park a portion of its cash in digital assets.Asked on Wednesday whether demand was weakening, the Tesla boss said “some, maybe”, but added: “We have so much excess demand that it’s not an issue for us.” Chief financial officer Zach Kirkhorn said any fall-off in demand was “not material”.
Spending on the new production facilities pushed Tesla’s closely watched gross profit margin from automotive activities down to 27.9 per cent, compared with the record 32.9 per cent margin it reported in the first quarter.
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