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Tesla Second-Quarter Profits Top Estimates

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By Heather Burke

July 21, 2022 at 10:32 AM UTC

Tesla sees the supply chain improving, Nord Stream gas flows resume and Mario Draghi resigns as Italian prime minister.

Tesla Inc. has been going through “supply chain hell,” but Elon Musk believes the electric-car maker stands a chance of emerging from it in the second half of the year. The company’s quarterly earnings beat estimates and still plans to increase vehicle deliveries by 50% on average annually over multiple years. Tesla sold roughly 75% of its Bitcoin holding due to uncertainty as to when Covid shutdowns would lift in China. Also in tech, Microsoft Corp. is eliminating many open jobs, including in its Azure cloud business and its security software unit. Ford Motor Co. plans up to 8,000 job cuts to help fund EV investment.