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Tesla makes record profit despite China headwind and chip crunch

Shanghai factory becomes company's main vehicle export hub

Tesla CEO Elon Musk will no longer attend every earnings call, starting next quarter, the tech billionaire announced Monday.    © Reuters

PALO ALTO, U.S. -- Tesla reported record profit for the second quarter on Monday, defying supply challenges and headwinds in China.

For the three months ended June, Tesla reported $11.96 billion in revenue, up 98% year over year. The Elon Musk-led EV maker registered a record net profit of $1.14 billion in the quarter, nearly ten times the $104 million during the same period last year. It is the first time Tesla reached $1 billion in net income and its eighth sequential profitable quarter.

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