What simply occurred? Elon Musk says that Tesla has now produced over 3 million automobiles, a million of which got here from the corporate’s Shanghai manufacturing facility. The tweet comes simply over two months after Tesla recorded its first sequential decline in car deliveries for greater than two years as a result of Covid shutdowns in China.
“Congrats Giga Shanghai on making millionth automotive! Total Teslas made now over 3M” Musk tweeted yesterday, alongside a photograph of plant staff celebrating hitting the milestone. It was only a few weeks in the past that Musk revealed Tesla’s Fremont, California, manufacturing facility had produced its two millionth car.
Congrats Giga Shanghai on making millionth automotive! Total Teslas made now over 3M. pic.twitter.com/2Aee6slCuv
— Elon Musk (@elonmusk) August 14, 2022
Tesla reported its Q2 earnings again in July. The firm delivered 254,695 automobiles throughout the April to June interval. While that marks a 26% enhance over the 201,250 automobiles delivered within the second quarter of 2021, the determine for the previous quarter (Q1 2022) stood at 310,048. Tesla additionally recorded a $2.26 billion internet revenue, a decline of round 31.5% quarter-on-quarter, and income was down from $18.7 billion in Q1 to $16.9 billion in Q2.
The Chinese lockdowns have been blamed for Wall Street revising the anticipated variety of Tesla deliveries within the second quarter. The Shanghai manufacturing facility was answerable for about half the corporate’s output final yr, however a sudden enhance in Covid circumstances mixed with China’s zero-tolerance strategy to outbreaks noticed manufacturing briefly suspended on the facility and people belonging to its suppliers. Tesla was pressured to extend output on the Fremont plant to try to make up for the shortfall. Musk did add on the time, nonetheless, that “we now have the potential for a record-breaking second half of the yr.”
Tesla stays fairly far down on the record of the world’s greatest automakers, sitting in twentieth place (for 2021) between India’s Tata in nineteenth place and Japan’s Suzuki in twenty first. Toyota, the primary automotive firm, delivered over 10 million automobiles in 2021.
Tesla additionally has factories in Germany and Austin, which Musk beforehand described as “cash furnaces,” dropping billions of {dollars} resulting from their expense and low output.
Musk final week revealed that he had bought $6.9 billion value of Tesla shares to assist fund his buyout of Twitter ought to the platform pressure him to finish the deal in court docket. The automotive big has additionally bought 75% of its Bitcoin holdings resulting from issues “about total liquidity of the corporate given COVID shutdowns in China. “
Like nearly each firm, Tesla’s inventory has fallen this yr, by practically 25% since January. But the share value has skilled a little bit of a resurgence during the last month because it prepares for a 3-for-1 inventory cut up.
