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Tesla Posts Record Profits But the Impact of its Shanghai Lockdown Looms

April 21, 2022
Source: recentlyheard.com recentlyheard.com
News Snapshot:
It turns out the brief shutdown of Tesla’s Gigafactory Shanghai in March didn’t put much of a dent in the company’s financial results for the three months ending March 31. But the April portion of Giga Shanghai’s production halt and the lingering effect of Shanghai’s Covid-19 lockdown will likely show their impact in the coming weeks and take a toll on Tesla’s next quarter’s earnings. The electric carmaker reported a record quarterly profit of $3.3 billion on $18.8 billion in sales on April 20, far exceeding Wall Street’s expectation of $2.2 billion in profit on $17.7 billion in sales. Quarterly...
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Tags: bank | CEO | Covid-19 | credit | Credit Suisse | electric vehicle | Elon Musk | European | factory | finance | financial | inventory | investment | investment bank | IT | manufacturing | production | profit | sales | Shanghai | staff | supplier | supply chain | Tesla | Three

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