Tesla makes billions in profit, partly exits bitcoin | Financial

The electric car manufacturer had previously said that fewer cars have been delivered in the recent period than in the first three months, mainly due to lower production at the large factory in China due to the corona lockdowns.

As a result, total turnover was also lower on a quarterly basis. Revenues were $16.9 billion, up from $18.8 billion in the prior period. A year earlier, sales were $12 billion. Nearly 255,000 Teslas were delivered in the period from April to June, which is almost a fifth less than in the first three months. It was the first decline in two years. Compared to last year, deliveries rose by more than a quarter.

Bitcoin

Furthermore, Tesla also put an undisclosed write-off in the books because of the falling price of bitcoin. The company has invested heavily in the digital currency. Meanwhile, 75% of that investment has been converted into common currency, Tesla said. The company also said it is sticking to its longer-term growth expectations.

CEO Elon Musk said last month that Tesla’s new factories in Germany and Texas are losing billions of dollars. According to Musk, the factories face high costs and difficulties in ramping up production quickly. Tesla has a factory in Grünheide east of Berlin, which was formally inaugurated earlier this year. Tesla also has a new facility in Austin, Texas.

Musk has announced that Tesla jobs will be cut to cut costs. He also expressed his concerns about an economic recession in the United States.

Twitter

The entrepreneur is now involved in a legal conflict over the acquisition of Twitter. He recently declined to buy the messaging service, but the social media company now wants to force the multi-billionaire through the courts into the takeover for the agreed $54.20 per share. The deal was worth $44 billion. Musk is accused, among other things, of having violated the terms of the purchase agreement.

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