Tesla has reported a huge surge in profits off the back of strong sales
Sales rose to $12 billion dollars in the three months to the end of June, up from $6 billion a year ago, when its US factory was shut down.
Profits for the second three months of the year were $1.1bn, up from $104m last year.
The electric carmaker said it delivered a record 200 thousand cars to customers in the same period.
This came despite shortages of semiconductor chips and congestion at ports impacting the production of cars.
In an update to investors on Monday, Tesla said: “Public sentiment and support for electric vehicles seems to be at a never-before-seen inflection point.
“We continue to work hard to drive down costs and increase our rate of production to make electric vehicles accessible to as many people as possible.”
Tesla added that how quickly it could produce cars throughout the rest of the year would depend on the supply of key parts of its vehicles, with demand at “record levels”.
This follows news last week, that Tesla has struck a nickel-supply deal with BHP Group.
Telsa’s billionaire boss, Elon Musk, has repeatedly expressed concern about future supplies of nickel due to challenges in sustainable sourcing.
Musk has pleaded with miners to produce more nickel, with demand set to skyrocket as the world increasingly moves toward electric vehicles and phase out internal combustion engine cars.
Bitcoin bounces back as Musk announces Tesla to accept crypto again
Last week, Tesla CEO Elon musk reiterated his backing of cryptocurrencies and confirming he owns multiple coins.
Musk also says Space Exploration Technologies Corp owns Bitcoin, just like Tesla.
“It looks like bitcoin is shifting a lot more toward renewables and a bunch of the heavy-duty coal plants that were being used…have been shut down, especially in China,” said Musk at an event hosted by the Crypto Council for Innovation.
“I want to do a little more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend toward increasing that number. If so, Tesla will most likely resume accepting bitcoin,” he said.
Will the bounce up stay?
Since May, most cryptocurrencies have tumbled dramatically, with around $1.3 trillion wiped from the market value.
Bitcoin has faced numerous challenges in recent times… including regulatory scrutiny in China, Europe and the U.S.
Authorities around the world are concerned about the level of energy needed by the computers that undermine the entire network.
“Long-term, renewable energy will be the cheapest energy, but it doesn’t just happen overnight,” Musk added. “But as long as there is a conscious and determined, real effort by the mining community to move toward renewables, then obviously Tesla can support that.”
Analysts also believe investors are also becoming increasingly more cautious about sceptical assets.
China’s shadow banking sector under the microscope
How will China’s investigation into Zhongzhi Enterprise Group impact the shadow banking industry and the nation’s financial stability?
China has launched an investigation into the Zhongzhi Enterprise Group, a major shadow bank, over alleged financial crimes.
Authorities are scrutinizing the group’s operations amid concerns about illicit activities that may have repercussions on the country’s financial stability. #featured
Shoppers angered at major U.S. retailer’s “unchanged” Black Friday sales
Target in the United States has come under scrutiny for offering identical prices in its ‘Black Friday deals’ as those available throughout the year.
Shoppers are left perplexed by the lack of discounts, with many questioning the authenticity of the so-called Black Friday bargains.
Concerns arose when savvy consumers noticed that the prices of various products in Target’s Black Friday promotion were the same as those listed in previous months.
Shoppers took to social media to voice their frustrations, with one customer stating, “It’s the same, I don’t get it.” This revelation has raised questions about the transparency and ethics of retailers during the holiday shopping season.
While Black Friday traditionally marks the start of the holiday shopping frenzy, with retailers offering significant discounts to entice shoppers, Target’s decision to maintain regular prices has left shoppers wondering if they are truly getting a deal.
This has led to a broader discussion about the consumer experience during Black Friday and whether the shopping event has lost its original appeal.
With the rise of online shopping and increased competition among retailers, consumers are more price-conscious than ever.
Target’s pricing strategy has ignited a debate about the future of Black Friday and whether it can continue to attract shoppers with unchanged prices. As the holiday season unfolds, consumers are left to decide whether to seek out genuine deals or shop elsewhere.
Remote workers shoulder rising job-related costs
As the global workforce continues to adapt to the remote work revolution, a new concern is emerging among employees – the increasing burden of work-related expenses.
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