Tesla ha beat Wall Street expectations in both earnings and profits during the financial results of the second quarter of 2023. The company earned $24,927 million between April 1 and June 30. Gross margin declined as expected due to a general decline in car prices, but only from 19.3% to 18.2%.

In terms of profits, Tesla made $2,703 million, which represents a 20% increase from last year. On the other hand, the company managed to maintain an operating margin of 9.6% and add $700 million to its investments and cash positions, bringing it to $2.3 billion.

The electric vehicle division grew by an astounding 47% with 466,140 vehicles delivered and 479,700 vehicles sold. These figures also exceeded the expectations of Wall Street experts.

There is news in the Tesla research and development department. The company invested $943 million, up from $771 million in the first quarter. According to the company, they aim to “be at the forefront of the development of artificial intelligence.” They also announce that they have begun production of the Dojo supercomputer for teaching fully autonomous driving.

Deliveries of Tesla cars in the second quarter of 2023

In the second quarter of 2023, Tesla built nearly 480,000 vehicles and delivered 466,000 vehicles. They are composed as follows:

Model Production Delivery
Model 3/G 19 489 19 225
Model S/X 460 211 446 915
479 700 466 140

This figure makes the second quarter of 2023 the most successful period for Tesla, not only in terms of revenue and profit, but also in terms of car sales, since the company began producing its own cars in 2012. ModelY it became the best-selling car in the world in the first quarter of 2023, and it will likely do the same in the second.

Source: Hiper Textual

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I'm Blaine Morgan, an experienced journalist and writer with over 8 years of experience in the tech industry. My expertise lies in writing about technology news and trends, covering everything from cutting-edge gadgets to emerging software developments. I've written for several leading publications including Gadget Onus where I am an author.


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