Tesla shares rise as it beats revenue forecasts with record number of deliveries

Elon Musk-led carmaker said revenue almost doubles year on year to $11.96bn

Tesla vehicles at charging stations outside a store in Rocklin, California. Photograph: David Paul Morris/Bloomberg

Tesla vehicles at charging stations outside a store in Rocklin, California. Photograph: David Paul Morris/Bloomberg

 

TeslaInc on Monday beat Wall Street expectations for second-quarter revenue on the back of record deliveries, despite the impact from a prolonged global shortage of chips and raw materials.

Shares of the world’s most valuable automaker were up 1.3 per cent in extended trade. Despite the pandemic and the supply chain crisis that have marred the auto industry,

Tesla earlier this month was able to post record deliveries during the quarter, although it heavily relied on sales of its cheaper models including Model 3 sedans and Model Y crossovers.

Revenues double

The carmaker, led by billionaire entrepreneur Elon Musk, said revenue rose to $11.96 billion from $6.04 billion a year earlier, when its US factory was shut down for more than six weeks due to local lockdown orders aimed at curbing the spread of the coronavirus.

Analysts had expected revenue of about $11.3 billion, according to IBES data from Refinitiv.

- Reuters