Tesla Q2 2021 earnings: 5 biggest takeaways
Cybertruck schedule, a new battery plan, and more.
Tesla released its second-quarter 2021 earnings on Monday after markets closed, followed by a conference call to discuss the results. The results come as Tesla rolls out its full self-driving subscription and gears up to launch the Cybertruck.
Want to find out exactly what happened during Tesla’s earnings call with analysts and investors? Musk Reads+ has completed a transcript of Monday’s conference call exclusively for our subscribers. Get straight to the quotes that matter most without having to sit through a hazy audio recording.
There were a few new admissions
The earnings call saw Musk outline where the firm is headed and what comes next. The CEO’s freewheeling musings on the future of transport are always a fascinating part of these calls, but they could dry up soon. Musk said in this quarter’s call that “I think going forward, I will most likely not be on earnings calls unless there's something really important that I need to say.”
Here’s what else came out:
5: Tesla-to-Apple comparison?
Musk had some notably sharp words toward Apple during the call. He estimated Tesla only uses about 2 percent cobalt in its batteries on a weighted average basis. In comparison, Apple uses “almost 100 percent cobalt in their batteries and cell phones and laptops.”
4: Semi slips again
There’s bad news for the transition to sustainable energy. The quarterly report confirmed that the Semi truck has now been pushed back to 2022.
The clock is ticking for Tesla’s production
3: Hard sell for the new cells
Tesla’s new 4680 battery cells, detailed in September 2020, are proving harder to manufacture than first thought. Despite the issues, Musk expects the company to reach an annual production rate of 100 gigawatt-hours by the end of next year, almost triple the amount it produced in 2019.
2: A redesigned Model Y
Tesla expects to start production on a new version of the Model Y later this year, with production taking place at the new Texas and Berlin facilities. Tesla wants to use its new battery technology, including a structural pack design that forms part of the car.
1: Cybertruck looms
Production will speed up at Giga Texas once the Model Y has reached high production — but you’ll have to subscribe to learn more!
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