American electric car manufacturer Tesla’s revenue increased 47 percent year-on-year in the second quarter of this year, and its net profit increased 20 percent.
Tesla announced its balance sheet for the second quarter of this year.
Accordingly, the company’s revenue increased by 47 percent in the second quarter of the year compared to the same period last year, reaching $24.9 billion. Tesla had revenue of $ 16.9 billion in the second quarter of 2022.
The net profit of the electric car maker also increased by 20 percent in the second quarter of the year compared to the same period last year, to $ 2.7 billion. Tesla’s net profit was $2.3 billion in the same period last year.
The company’s earnings per share rose from 76 cents in the second quarter of 2022 to 91 cents in the same period of this year.
Tesla’s gross profit margin, which was 19.3 percent in the first quarter of the year, decreased to 18.2 percent in the second quarter of the year due to the company’s efforts to increase sales through price cuts.
Record on many levels
While Tesla produced 479 thousand 700 cars globally in the second quarter of 2023, it delivered 466 thousand 140 vehicles.
In this period, the company’s vehicle production increased by 86 percent on an annual basis, and the number of vehicles delivered increased by 83 percent.
In a statement from Tesla, it was stated that the second quarter of the year was a “record” quarter for the company on many levels, with production and delivery numbers and revenues approaching $25 billion in a single quarter.
“We are excited to be able to achieve such results, given the macroeconomic environment we are currently in,” the statement said.
Emphasizing that the company focuses on cost reduction, developing new products that will enable future growth, R&D investments, better vehicle financing options, continuous product improvement and generating free cash flow, the statement said, “The challenges of these uncertain times are not over, but the long-term business is achieved through various high-potential projects. We believe we have the right ingredients for its success.”