ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Automobiles

Tesla's Q2 profit dented by Shanghai shutdowns, still beats estimates

Company unloads most of its bitcoin trove for nearly $1bn

A Tesla on display in China. The company's Shanghai factory rebounded from closures to its best-ever production levels.   © Reuters

NEW YORK -- Tesla met or exceeded Wall Street expectations in its second-quarter earnings on Wednesday but posted its first quarter-to-quarter profit decline since late 2020 following extended shutdowns of its Shanghai factory.

The company reported a $2.3 billion net profit for the second quarter, beating expectations. But this was still down sharply from the first quarter's record result of $3.3 billion.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more