Tesla beats profit estimates, automotive margins decline
Tesla Inc (NASDAQ: TSLA) on Wednesday posted its second-quarter profit that beat Wall Street estimates, bolstered by a string of price increases on its best-selling vehicles, which helped offset the carmaker’s production challenges and COVID-19 lockdowns at its factory in China
By Arghyadeep Dutta
Published - Jul 20, 2022, 05:31 PM ET
Last Updated - Mar 12, 2024, 09:49 AM EDT
Tesla Inc (NASDAQ: TSLA) on Wednesday posted its second-quarter profit that beat Wall Street estimates, bolstered by a string of price increases on its best-selling vehicles, which helped offset the carmaker’s production challenges and COVID-19 lockdowns at its factory in China.
The carmaker posted adjusted earnings of $2.27 a share, while analysts, on average, expected a profit of $1.81 per share.
Shares of Tesla jumped more than 4% in extended trading.
The Texas-based EV maker left its production forecast unchanged for 50% average annual growth “over a multi-year horizon,” showing a sign of confidence that it will be able to make up for lost output in the second half of 2022.
