International technological giant Tesla has reported a surging profit for their business considering the drastic growth in the business. However, a shortage of semiconductor chips has occurred too.
Sales reports saying a huge rise of $12bn (£8.6bn) in the just three months, the last quarter. It was only $6bn a year ago when its US company was shut down.
The company said that it has delivered a record number of 200,000 cars to customers in the same period of three months. The agenda of making greener cars for public support is being done successfully by producing more electric cars.
Billionaire entrepreneur Elon Musk said on Monday that the profits are soaring off along with strong sales.
The profits for the second quarter of the year have risen up to $1.1bn from $104m last year.
The company has given credits to its little cheaper models, Model Y, and Model 3 Sedan which is a more affordable option to try.
Tesla said, “Public sentiment and support for electric vehicles seems to be at a never-before-seen inflection point.” It further added, “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.”
Mr. Musk said, “At this point, I think everyone can agree, electric vehicles are the only way
He also brought up the issue of global chip shortage which “remains quite a serious”obstacle for manufacturing. He called it the “slowest part of the supply chain”.
The demand for Tesla cars has already increased in many countries of Europe and so is increasing the waiting time for new cars. So it is looking forward start its work at its Berlin ‘Gigafactory’ in Germany.
The company has boosted its production at the California hub while a rumor has arrived that Mr. Musk might have been planning to start a factory in the UK.
Other car companies like General Motors and Ford have been ordered to suspend their due to the shortage of semiconductors.
Musk has previously enhanced the idea of Bitcoin mining and also invested a huge portion to earn even more but it occurred some major concerns regarding this investment.
He is concerned about the environmental issues that can appear for so much electricity consumption during cryptocurrency mining. For a creator who is creating a new era for green cars or eco-friendly cars, it will be hard to accept such a nuisance of energy expenditure.
On Monday, the company reported that it has faced a loss of $23m on Bitcoin investment that dented the surging profit which is coming from electric cars.
Between April and the end of June, it saw $354m in revenues generated through the sale of such credits.
Tesla has already gained credits for its eco-friendly model and advanced electronic technology which is not only making the planet safe but providing the users an amazing futuristic experience.