For Tesla, it’s all about the Y

During its online Q2 2021 update, the electric vehicle and energy company gave an update financials, but top execs also provided some updates on a product roadmap focused on the rapidly expanding portfolio that includes a new Model Y and big plans related to production, vehicle technology, and battery advances.
Earlier this week, Tesla held its quarterly investor webcast after announcing earlier in the month 2021 second-quarter production and delivery of a record 200,000 vehicles. Model 3 and Y accounted for 199,360 of the deliveries, with the Model S/X at just 1890 as production ramps up for the new versions, starting with the Model S.

In the second quarter, the company exceeded $1 billion of GAAP (Generally Accepted Accounting Principles) net income for the first time in its history. Specifically, it had $1.3 billion GAAP operating income, $1.1 billion GAAP net income, 11.0% operating margin, and a 28.4% GAAP Automotive gross margin.

“Q2 was a great quarter for the Tesla team, with strong improvement across the business,” said Zach Kirkhorn, CFO. “In particular, auto gross profit and margin, excluding credits, increased substantially. This was primarily driven by better cost optimization across our factories, good execution against our cost reduction plans, as well as increases in production and delivery volume.”

Semiconductor supply issues

These numbers come despite the challenges of supply-chain constraints on production due in some part to port congestion but mostly the global semiconductor shortage.

The chip supply was the governing factor on Tesla’s output, said Elon Musk, CEO.
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