Tesla reported a record $1.1 billion in profit for its second quarter and $11.96 billion in revenue, largely beating analysts’ expectations and despite supply chain challenges, including global semiconductor shortages and port congestion, the company said.

                By                    Yaёl Bizouati-Kennedy

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Analysts expected Tesla to report roughly $11.4 billion in revenue and around $600 million in profit, according to The Wall Street Journal. The $11.96 in revenue figure represents a 98% year-over-year increase, “primarily achieved through substantial growth in vehicle deliveries, as well as growth in other parts of the business,” according to the earnings statement.

During an investor call, CEO Elon Musk said that public sentiment toward EVs “is at an inflection point.”

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Musk addressed the supply chain issues, noting that “while we’re making cars at full speed, the global chip shortage situation remains quite serious. For the rest of this year, our growth rate will be determined by the slowest part in our supply chain which is a — there’s a wide range of chips that are at various times the slowest part in the supply chain,” according to the transcript of the call.

In terms of digital assets, Tesla holds $1.31 billion in Bitcoin, down from $1.33 in the previous quarter, as it had “related impairment of $23 million” in bitcoin and other items, according to the earnings release.

In the second quarter of 2021, Tesla also produced and delivered 206,421 vehicles, which represents a 151% year-over-year increase.

As for its outlook, Tesla said it plans to grow its manufacturing capacity as quickly as possible and over a multi-year horizon, expects to achieve 50% average annual growth in vehicle deliveries.

“In some years we may grow faster, which we expect to be the case in 2021,” according to the statement.

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“Tesla itself is investing into lithium exploration and development, and after traveling the world looking at hard rock, brine and sedimentary lithium deposits, they are focusing on the claystones of Nevada. It’s only a matter of time before the sedimentary deposits of Nevada are supplying raw materials for the electric cars of tomorrow,” he added.

Tesla’s stock was down 2% this morning.

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