Tesla surprised more than one analyst with the announcements of its results for the second half of 2021: the brand of Elon Musk is doing more than well!
Tesla does not know the crisis. Whether it is that of Covid-19 , or that linked to the shortage of semiconductors . And while most manufacturers struggle to recover from a more than difficult year 2020 , the brand of Elon Musk posts record profits for the second quarter of 2021: the billion dollars is exceeded for the first time!
This is a result that surprised analysts, since two important sources of income for the electric giant are in decline. First, there is the decline in the Bitcoin market, in which Tesla had invested $ 1.5 billion at the start of the year, and then announced that the cryptocurrency was too polluting for its liking. But in the end, Tesla lost “only” 23 million dollars (about 20 million euros) in the operation during this second quarter of 2021.
CO2 credits, an endangered windfall
The other source of income on which Tesla bases its profitability is the sale of “ CO2 credits ” to other manufacturers. To put it simply, Tesla wins a lot of “bonus points” in the emission control system in Europe, which promotes the sale of electric cars . Other manufacturers, who sometimes have difficulty achieving their goals, can then buy these credits to lower their CO2 averages .
But this market is quickly doomed to disappear: most of the major manufacturers are rapidly developing their electric ranges , and Europe will reduce the aid which is linked to them. The effect is already being felt for Tesla, since the income related to these famous CO2 credits has increased from $ 428 million (363 million euros) during the second quarter of 2020 to 354 million dollars (300 million euros). over the same period in 2021.
Record production driven by the Model 3 and Model Y
Despite these pitfalls, plus the continuing Covid crisis and the still raging semiconductor shortage, Tesla has multiplied its profits by 10 compared to 2020. The whole is driven by sales which continue to increase, and a production finally level. Tesla delivered more than 206,000 cars in the second half of 2021, a record for the brand. Enough to reach the production target , set by Elon Musk at 800,000 vehicles per year , against a little over 500,000 in 2020. These sales are driven by the Model 3 and Model Y , which should enter production this year in the new German Gigafactory , but also by the release of the Model S restyled.