Tesla beats earnings forecasts despite supply chain crisis

The electric carmaker, led by billionaire entrepreneur Elon Musk, said quarterly revenue rose to $11.96bn from $6.04bn a year earlier.

Electric carmaker Tesla Inc on Monday beat Wall Street expectations for second-quarter profit and revenue as record deliveries offset the effect of a prolonged global shortage of chips and raw materials. Shares of the world’s most valuable automaker were up 1.3 percent in extended trade. The company said it expected to launch production this year of Model Y SUV in Texas and Germany, but would delay the launch of the Semi until 2022. Still, despite the pandemic and the supply chain crisis that have marred the auto industry, Tesla posted record deliveries during the quarter, thanks to sales of cheaper models including Model 3 sedans and Model Y crossovers.