Edge's News: Tesla beats earnings forecasts despite supply chain crisis

The 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.

The carmaker, led by billionaire entrepreneur Elon Musk, said revenue jumped to $11.96bn from $6.04bn a year earlier, when its US factory was shut down for more than six weeks due to local lockdown orders aimed at curbing the spread of the coronavirus.

Analysts had expected revenue of about $11.3bn, according to IBES data from Refinitiv. Excluding items, Tesla posted a profit of $1.45 per share, easily topping analyst expectations for a profit of 98 cents per share.

Tesla said operating income increased mainly due to volume growth and cost reduction, which offset “additional supply chain costs, lower regulatory credit revenue” and other items including $23m in losses on investment in cryptocurrency bitcoin.

Tesla said it is “on track to build our first Model Y vehicles in Berlin and Austin in 2021”. But it said it has delayed the launch of the Semi truck program to 2022 “to better focus on these factories, and due to the limited availability of battery cells and global supply chain challenges”.

Comments

The FCT Minister–Soldier Standoff: A Test of Civil Authority and the Rule of Law

On November 11, 2025, Nigerians watched in disbelief as a video surfaced showing a tense confrontation between the Minister of the Federal Capital Territory, Nyesom Wike, and a group of armed soldiers who blocked his convoy from accessing a disputed piece of land in Gaduwa, Abuja. The incident, brief but dramatic, was more than a moment of political theatre. It struck at the heart of a much bigger issue — the place of the military in a democracy, and the sanctity of civilian authority under the Nigerian Constitution. The Legal Position: Who Was Right? The Minister’s Authority Under Section 302 of the 1999 Constitution and the FCT Act , the Minister of the Federal Capital Territory exercises the executive powers of the President within Abuja. That means the Minister is not just a political appointee — he represents federal executive authority . His duties include overseeing land allocation, urban planning, and the enforcement of development control through the Federal Capital T...

Nigeria: On the Right of Self-Defence and Protection of National Sovereignty

The Federal Republic of Nigeria reaffirms its unwavering commitment to the purposes and principles of the Charter of the United Nations, in particular the maintenance of international peace and security, the respect for the sovereignty and political independence of all States, and the peaceful settlement of disputes. Nigeria is a sovereign and independent nation. Our Constitution vests sovereignty in the people of Nigeria and mandates the Government to protect the territorial integrity and independence of our country. This sovereignty—recognised under international law and reaffirmed by our membership in the United Nations, the African Union, and the Economic Community of West African States (ECOWAS)—is inviolable. The Government of Nigeria has observed with grave concern recent statements and actions that amount to a threat of aggression and possible violation of our territorial integrity. We remind all States that any such threat or use of force contravenes Article 2(4) of the Ch...

Kebbi’s 3 a.m. Withdrawal Shows Why President Tinubu’s Security Reforms Can’t Wait

When Governor Nasir Idris of Kebbi State revealed that security personnel deployed to vulnerable communities were withdrawn at 3:00 a.m.—just 45 minutes before an attack—Nigerians reacted with shock, anger, and a single question that refuses to disappear: Who gave the withdrawal order? It is a fair question. It is also one that may take time, investigation, and institutional honesty to answer. But the Kebbi incident exposes a deeper truth about security management in Nigeria: our command structure is too fragmented for a country battling multi-layered threats. And this, more than anything, validates President Bola Ahmed Tinubu’s push for a centralised, technology-driven, and accountable security coordination model. Nigeria’s security agencies—military, police, DSS, civil defence, intelligence units—operate in parallel lanes with overlapping mandates. State governors, despite bearing the title “Chief Security Officer,” have no legal authority over federal forces. This incoheren...

Edge Of The World

Search This Blog