Tesla has made a profit from car sales for the first time in almost two years, as it passed $1 billion in quarterly profit for the first time.
Overall, Tesla saw $11,98 billion in revenue from April to June this year, with a record net profit for the quarter of $1,14 billion, or $1,02 per share,
Jeff Bezos momentarily forfeited his title of “richest person on the planet” on July 20 when his Blue Origin spacecraft reached suborbital flight for a few minutes. Now, the multibillionaire is once again without the title, but this time because his net worth actually tumbled — by $13,9 billion in one day. Bezos’ net worth fell because Amazon’s stock price took a hit, sliding 7 percent after the company reported less-than-anticipated second-quarter growth. The drop in Bezos’ net worth allowed for French tycoon Bernard Arnault to claim the No. 1 spot of the ultrawealthy. Arnault heads the luxury goods conglomerate LVMH, whose subsidiaries include Louis Vuitton, Sephora, Moët & Chandon, and Tiffany & Co. He remarkably grew his wealth by nearly $100 billion during the first year of the pandemic. In total, there are 2,755 billionaires worldwide, 86 percent of which are richer than they were a year ago for a combined $5 trillion increase in wealth in 2020. 10 europeanbusinessmagazine.com
compared with $104 million or 10 cents a share, a year ago. The company’s revenue surpassed analysts’ expectations, driven by strong sales of its more affordable Model 3 and Model Y vehicles. “Public sentiment and support for electric vehicles seem to be at a never-before-seen inflection point,“ Tesla wrote in its second-quarter letter to investors. The better-than-expected earnings results come amid Tesla’s increased scrutiny in China, the delayed rollout of its revamped Model S sedan and Model X SUV, and the ongoing impact of a global semiconductor shortage and port congestion. Musk noted that the “big struggle“ in the quarter was procuring modules that control the airbags and seat belts in Tesla’s vehicles. “Obviously you cannot ship a car without those and that limited our production severely worldwide in Shanghai and Fremont,“ Musk said. Looking ahead, Tesla continues to expect 50 percent average annual growth in vehicle deliveries, but noted the rate of growth will depend on “equipment capacity, operational efficiency, and the capacity and stability of the supply chain.“
