Tesla Q2 2021: Deliveries break 200,000, Bitcoin bites and Semi pushed to 2022

Chris Davies - Jul 26, 2021, 3:45pm CDT
Tesla Q2 2021: Deliveries break 200,000, Bitcoin bites and Semi pushed to 2022

Tesla delivered over 200,000 vehicles in Q2 2021, with the electric car company announcing a 98-percent rise in revenue year on year. It’s not all good news, though, with the Tesla Semi having been pushed back to 2022, and a Bitcoin-related impairment hitting the balance sheet.

For the three month period, Tesla saw revenue of $11.958 billion, and earnings of $1.45 per share (non-GAAP). Operating margin was 11-percent.

Tesla produced 2,340 Model S and Model X, and delivered 1,890 of the EVs. The bulk, though, was over with the more affordable Model 3 and Model Y. There, Tesla built 204,080 and delivered 199,360.

That increase in Model 3 and Model Y shipments did, however, have an impact on vehicle average selling price. That declined by 2-percent, year on year, as Model S and Model X deliveries were lower for the latest quarter. “Production ramp of Model S progressed over the course of Q2,” Tesla says, “and we expect it will continue to increase throughout the rest of the year.”

85 megawatts of solar were deployed, and 1,274 MWh of power storage.

As for the downs of the quarter, one notable hit was a $23 million “Bitcoin-related impairment” recorded. Tesla had announced back in February 2021 that it was buying $1.5 billion worth of the cryptocurrency; the following month, it revealed it would allow EV shoppers to pay for their new car with Bitcoin. Come May, however, Elon Musk ended that, amid concerns at the ecological impact of cryptocurrency mining.

The other disappointment is news on the Tesla Semi. Production of the electric haulage has been pushed back, Tesla confirmed today, as the automaker focuses on building its first Model Y at the Berlin and Austin factories later this year.

“To better focus on these factories, and due to the limited availability of battery cells and global supply chain challenges, we have shifted the launch of the Semi truck program to 2022,” Tesla said.

For the Tesla Cybertruck, meanwhile, there’s really just a single mention of the upcoming electric pickup. “We are all making progress on the industrialization of Cybertruck,” the automaker says, “which is currently planned for Austin production subsequent to Model Y.”


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