Tesla reports a record quarterly profit of more than $1 billion—installed 85 MW of solar and 1,274 MWh of storage

The company also gave an update on the 4680 battery cell: working to achieve volume production.

Tesla overcame supply issues and other pandemic-era roadblocks to report a record quarter.

The Wall Street Journal said the company reported a revenue of about $12 billion for the period that ended on June 30, and a profit of $1.1 billion, marking its eighth sequential quarter in the black.

Experts predicted that Tesla will report roughly $11.4 billion in revenue and around $600 million in profit, but the company blew past their projections. Its also a huge milestone for the company as the sale of emissions credits to other automakers isn’t considered in this revenue report.

Tesla said it installed 85-MW in the quarter, which means the company more than tripled its solar installations year on year, while its energy storage deployments grew by 1,274 MWh.

Regarding Powerwalls and Megapacks, Tesla addressed shortage concerns by saying it uses a lot of the same semiconductors and battery cells in cars as it does in its energy storage products. That it’ll overshoot on cell supply for vehicles and whenever there is excess, it could route that supply over to making Powerwalls and Megapacks.

Tesla gave an update on the development of its 4680 cell, which was announced last year at the company’s Battery Day event—saying it has made substantial progress but with a lot still to be done. That the company is refining the manufacturing process in a way that can achieve volume production.

In its shareholder deck, Tesla said it had delayed the launch of the Semi truck program until 2022. This move was expected as Tesla and other automakers have been struggling with parts and other much-needed product shortages caused by the pandemic.

More Stories From Around the Web:

Leave a Reply