Tesla 2nd Quarter Profit Drops, But Company Beats Estimates

CBS San Francisco

July 21, 2022

Tesla's second-quarter profit fell 32% from record levels in the first quarter as supply chain issues and pandemic lockdowns in China slowed production of its electric vehicles.

But the Austin, Texas, company with a major factory in Fremont still surprised Wall Street with a $2.26 billion net profit for the quarter. Tesla stuck with a prediction of 50% annual vehicle sales growth over the next few years, but said that depends on the supply chain, equipment capacity and other issues.

The company made a record $3.32 billion in this year's first quarter.

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