Tesla 2Q profit falls from 1Q, but is stronger than expected

By TOM KRISHER
AP Auto Writer

DETROIT (AP) — Tesla’s second-quarter profit fell 32% from record levels in the first quarter. That’s because supply chain issues and pandemic lockdowns in China slowed production of its electric vehicles. But the Austin, Texas, company still surprised Wall Street with a $2.26 billion net profit for the quarter. Tesla stuck with a prediction of 50% annual vehicle sales growth over the next few years, but said that depends on the supply chain, equipment capacity and other issues. Tesla’s sales from April through June fell to 254,000 vehicles, their lowest quarterly level since last fall. But the company predicted record-breaking production in the second half and said that in June it had the highest production month in its history.