Tesla aims for record production in back half of the year

Elon Musk mentioned on the Tesla (NASDAQ:TSLA) earnings name that the automaker goals to supply 40,000 autos every week by the tip of this 12 months. That stage of manufacturing would mark a 25% bounce from a latest excessive of about 30,000 autos every week.

Musk additionally addressed the considerably increased costs for Tesla (TSLA) autos in comparison with a 12 months in the past.

“We have raised our costs fairly just a few instances. They’re frankly at embarrassing ranges. However we have additionally had loads of supply-chain and manufacturing shocks, and we have got loopy inflation,” he famous.

Musk mentioned gross sales of Bitcoin through the quarter had been because of the want to maximise money across the unsure COVID scenario in China. “This must be not taken as some verdict on Bitcoin,” acknowledged Musk.

On Wall Avenue, Morgan Stanley analyst Adam Jonas mentioned Tesla’s Q2 outcomes had been stronger than anticipated for income and margins. The agency stays constructive on the inventory and believes demand is outpacing provide, however is ready for near-term margin headwinds because of new challenges with ramping new manufacturing, significantly in Berlin.

Tesla (TSLA) rose 1.45% in after-hours buying and selling to $753.24.

Learn a breakdown of the TSLA Q2 earnings report.