London Daily

Focus on the big picture.
Monday, Oct 26, 2026

Tesla profit surge driven by record car deliveries

Tesla profit surge driven by record car deliveries

Tesla has reported surging profits, despite shortages of semiconductor chips and congestion at ports hampering production.

Sales rose to $12bn (£8.6bn) in the three months to the end of June, up from $6bn a year ago, when its US factory was shut down.

The electric carmaker said it delivered a record 200,000 cars to customers in the same period.

It added that public support for greener cars was greater than ever.

The company, led by billionaire entrepreneur Elon Musk, reported on Monday that profits soared off the back of strong sales.

Profits for the second three months of the year were $1.1bn, up from $104m last year, bolstered by sales of its cheaper Model 3 sedan and Model Y.

In an update to investors on Monday, Tesla said: "Public sentiment and support for electric vehicles seems to be at a never-before-seen inflection point.

"We continue to work hard to drive down costs and increase our rate of production to make electric vehicles accessible to as many people as possible."

Tesla added that how quickly it could produce cars throughout the rest of the year would depend on the supply of key parts of its vehicles, with demand at "record levels".

Chip shortage


On a call with financial analysts on Monday, Mr Musk said: "At this point, I think everyone can agree, electric vehicles are the only way forward."

Mr Musk said during the call that the global chip shortage "remains quite serious" and manufacturing would hinge on this "slowest part of the supply chain".

He also described late-night calls with suppliers in an attempt to resolve shortages.

As a result, there were growing waiting times for Tesla cars, especially across Europe, the company said in its results.

It will look to start production at its new Berlin "gigafactory" as soon as possible. It has been plagued by delays, although the company bills it as "the most advanced high-volume electric vehicle production plant in the world".

It will ramp up the manufacturing of its cars at its California hub in the meantime.

Mr Musk was also reportedly seen visiting Luton earlier this year, sparking rumours he may be considering a Tesla factory in the UK.

Elon Musk recently said the firm may accept Bitcoin as a form of payment again in the future


Other car giants such as Ford and General Motors have been forced to suspend production temporarily in some US factories, having been hit by the global shortage of semiconductors.

Profits at Tesla in the second quarter were also dented, however, by other items such as investments in the cryptocurrency Bitcoin.

It invested heavily in the digital currency previously. But it stopped taking Bitcoin as a form of payment earlier this year because of Mr Musk's concerns about the environmental impact of Bitcoin mining, which uses huge amounts of electricity.

The company reported a $23m loss on its Bitcoin investments on Monday, although its chief executive recently signalled it might accept it again in future.

Wedbush analyst Dan Ives said that this figure was, however, "much lower than many had feared".

He added that overall, the set of results marked a "step in the right direction" for the company, with "healthy" growth also seen in China, where Tesla began manufacturing last year.

Mr Ives did point out, however, that a big question for investors would be when the company would be able to hit profitability excluding the income it gets from reselling to other carmakers the credits that it earns for exceeding emissions and fuel standards.

Between April and the end of June, it saw $354m in revenues generated through the sale of such credits, down from $428m the same period a year before.

Newsletter

Related Articles

0:00
0:00
Close
UK Consumer Confidence Tumbles Amid Rising Energy Costs and Global Commodity Price Pressures
North Sea Transition Authority Approves Production from Jackdaw Gas Field to Bolster Domestic Energy Security
Storm Boelo Leaves Tens of Thousands of Households Without Power Across Scotland and Northern Ireland
UK Government Launches National Be Ready Campaign Urging Households to Prepare Three Days of Emergency Supplies
Department for Environment Food and Rural Affairs Implements Stricter Water Quality Regulations for British Rivers
Welsh Government Launches Major Renewable Energy Initiative to Expand Offshore Wind Capacity Along the Coast
Northern Ireland Executive Reaches Final Agreement on Comprehensive Regional Infrastructure Modernization Plan
Office for National Statistics Reports Moderate Increase in British Retail Sales Driven by Autumn Discounts
Scottish First Minister Announces Emergency Housing Strategy to Tackle Severe Homelessness Across Urban Centers
Automotive Industry Leaders in the United Kingdom Urge Government Support for Electric Vehicle Manufacturing Transition
United Kingdom and European Union Initiate High-Level Negotiations on Post-Brexit Defense and Security Pact
National Health Service England Introduces Sweeping Digital Reforms to Reduce Hospital Waiting Lists Nationwide
Chancellor of the Exchequer Outlines Emergency Fiscal Measures to Address Local Government Funding Crises Across England
Bank of England Governor Warns of Persistent Inflation Pressures Impacting Interest Rate Decisions in the United Kingdom
UK Conservative Party Suspends Former Electoral Candidate Following Undercover Investigation
Actors and Writers Condemn British Anti Terror Legislation Targeting Activist Groups and Free Speech
Central Bank and Treasury Monitor Inflation Risks as International Monetary Fund Upgrades United Kingdom Growth Forecast
Storm Boelo Batters British Isles With Eighty Mile Per Hour Winds Causing Widespread Power Outages
British Intelligence Services and Technology Firms Partner to Counter Artificial Intelligence Enabled Cybersecurity Threats
UK Consumer Confidence Falls at Fastest Rate Since Brexit Vote as Cost of Living Intensifies
Chancellor John Healey Prepares Landmark Autumn Budget Focused on Devolution and Fiscal Rules
Northern Ireland Executive Ministers Reach Consensus on Shared Economic Development Priorities to Stimulate Regional Growth in Belfast
Department for Business and Trade Finalizes Conditional Support Package for Advanced Semiconductor Fabrication Facilities in Newport
Welsh Government Unveils Regional Industrial Development Strategy to Attract Green Energy Investment to South Wales Manufacturing Hubs
Foreign Secretary David Lammy Concludes Diplomatic Mission to European Capital Cities to Strengthen Post-Brexit Defense Cooperation
Department for Environment, Food and Rural Affairs Implements Stricter Regulatory Compliance Standards for Water Utilities Across England
Office for National Statistics Reports Moderate Wage Growth Stabilization and Resilient Employment Figures Across the United Kingdom
Scottish Government and Trade Union Representatives Reach Tentative Pay Agreement for Public Sector Transport Workers in Edinburgh
National Health Service England Announces Emergency Capital Funding Allocation to Reduce Winter Emergency Department Bottlenecks
Bank of England Monetary Policy Committee Signals Cautious Approach to Interest Rate Reductions Amid Persistent Inflation Pressures
British Prime Minister Keir Starmer and Treasury Officials Finalize Urgent Fiscal Adjustments Ahead of Upcoming National Budget
Tour de France Organizers Confirm Historic Grand Depart Featuring Edinburgh and Yorkshire Stages
National Cyber Security Centre Issues Urgent Alerts Following Global Security Vulnerability in Core Programming Software
Independent Energy Analysts Warn Great Britain Faces Highest Winter Power Tariffs in Europe
Major British Defense Contractors Commit to Delivering Forty Thousand New Apprenticeships and Training Placements
New Bradford Railway Station Infrastructure Project Approved to Transform Regional Transit Connectivity Across Northern England
Welsh Infrastructure Stakeholders Press Government for Accelerated Local Sourcing in Military and Uniform Manufacturing
Scottish Council Governance Crisis Triggers High-Court Legal Challenge Over Leadership Ouster Bid
High Street Bakery Chain Greggs Announces Major Factory Closures and Seven Hundred Job Cuts
Automotive Manufacturer Jaguar Land Rover Advances Advanced Defense Technology Partnership with European Allies
Treasury and Bank of England Officials Signal Persistent Concern Over Inflation-Driven Interest Rate Path
International Monetary Fund Upgrades United Kingdom Growth Forecast While Issuing Inflation Warnings
National Health Service Leaders Warn of Severe Capacity Pressures as Early Winter Respiratory Infections Surge
Government Issues Emergency Resilience Guidance Advising All British Citizens to Stockpile Essential Supplies
United Kingdom Private Sector Growth Beats Expectations in October Driven by Resilient Services and Manufacturing
Barclays to Cut Five Thousand Jobs in Major Artificial Intelligence Adoption and Cost-Cutting Overhaul
Piper Tomahawk Aircraft Crash Near Drymen in Stirling Claims Two Lives as Investigators Deploy
North Sea Transition Authority Approves Jackdaw Gas Field Production After Ministerial Authorization
Government Injects One Hundred and Forty Million Pounds to Expand Urgent Care Ahead of Winter Crisis
Department of Health Warns Further Pay Rises Will Derail National Health Service Waiting List Targets
×