Elon Musk Tesla’s Quarterly Profit and Market Value Grew 14 Times in 2 Years

Tesla's profit crossed $1 billion for the first time in the June quarter, the company's market value grew 14 times in two years
Image Credit: DB
Image Credit: DB

Electric car maker Tesla has released its June quarter results. Elon Musk Tesla's company has made more than $1 billion in profit for the first time. Tesla reported a profit of $1.1 billion (billion), or $1.02 per share, during April-June, according to exchange filings. This is 10 times more than the June quarter of last year.

Tesla's market value grew 14 times in 2 years

The strong profits have raised Tesla's market value to $630 billion, more than any other auto company in the world. The special thing is that the value of the company has increased 14 times compared to 2 years ago. As a result, the company's CEO Elon Musk's net worth has also increased to $180 billion. Allen is the second richest businessman in the world. Amazon founder Jeff Bezos is in the first place. Bezos' net worth is more than $212 billion.

Image Credit: The Guardian
Image Credit: The Guardian

The company's income doubled

Tesla's record profits in three months are due to two reasons, first that the company has sold more of its less expensive electric vehicles and other companies have raised the prices of their vehicles and cut costs. Tesla's revenue also doubled to $12 billion, from $6.04 billion a year ago.

Sold more than 2 lakh vehicles in three months

Chip shortfall is believed to be the reason behind the increase in the profits of the electric car company. Because the production of other carmakers was affected due to chip shortage. While Tesla sold 2 lakh 6 thousand electric vehicles during this period. This figure of sales has crossed 2 lakhs for the first time in the history of the company.

Image Credit: The Verge
Image Credit: The Verge

The target of selling 8 lakh vehicles this year

The company expects to sell more than 8 lakh cars this year. However, a lot will also depend on the availability of parts. Let us tell you that Tesla sold about 5 lakh 10 thousand cars last year. Whereas due to the epidemic, the company had to close its factory in California.

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