TESLA 20 PROFIT FALLS FROM 1Q, BUT IS STRONGER THAN EXPECTED

Tesla's second-quarter profit fell 32% from record levels in the first quarter as supply chain issues and pandemic lockdowns in China slowed production of its electric vehicles.

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But the Austin, Texas, company still surprised analysts with a better-than-expected $2.26 billion net profit for the quarter. Tesla stuck with a prediction of 50% annual vehicle sales growth over the next few years, but said that depends on the supply chain, equipment capacity and other issues.

The company made a record $3.32 billion in this year's first quarter.

Tesla’s sales from April through June fell to 254,000 vehicles, their lowest quarterly level since last fall. But the company predicted record-breaking production in the second half and said that in June it had the highest production month in its history.