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Tesla earnings hit $2.7B on increased sales

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Elon Musk's Tesla reports profits of $2.7 billion, beating expectations, as auto deliveries surged 83 percent to 466,140 vehicles

Shares of Tesla have more than doubled in 2023 so far as investors have overlooked concerns about shrinking profit margins and cheered other recent Musk initiatives. / Photo: AA

Tesla has reported a jump in second-quarter profits as a series of price cuts translated into sharply higher car sales.'s fast-growing electric vehicle company reported profits of $2.7 billion on Wednesday, up 20 percent on the year-ago level. Revenues surged 47 percent to $24.9 billion — a record for the company as auto deliveries surged 83 percent to 466,140 vehicles.

Total gross margin came in at 18.2 percent, down from 19.3 percent in the prior quarter and below the 18.8 percent expected by analysts. characterised the profit margins as"healthy," citing more efficient operations at the newer plants in Berlin and Texas. The results topped analyst estimates for earnings per share and revenues.

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