/ 28 July 2021

Tesla drives into profit

Electric vehicle maker Tesla has posted US$1.12 billion profit for the April to June quarter, a 10-fold increase from the same time last year. Analysts say it shows Tesla is on the right financial track after years of losses. The latest result was driven (see what we did there…) by the doubling of car sales – 200,000 were bought in the quarter. Tesla’s also making money from regulatory credits – in fact, it made US$354 million selling them to other carmakers so that they can meet emissions standards. “I think everyone agrees at this point that EVs are the way forward,” Elon Musk said. Tesla is valued US$633 billion by the share market. By way of comparison, car giant General Motors, which sold almost 700,000 cars in the same quarter, is valued at US$80 billion…

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