Tesla's pre-tax margin of almost 11% finally rivals leaders like Toyota and General Motors. With the industry in upheaval, Tesla’s coming of age has come at just the right time: AntonyMCurrie
The company didn’t, for a change, have to rely on one-off items to make its numbers. While Tesla raked in $354 million of revenue in the second quarter from selling environmental credits to gas-guzzler producers like Stellantis
, strip that out, and its pre-tax margin was still healthy at just shy of 9%. Conversely in the three months to the end of March, for example, gains on selling bitcoin equated to more than a fifth of profit. Musk, who has a propensity for micro-managing, does not appear to have lost his recently discovered knack for keeping costs under control, either. Overall expenses rose almost 9% while revenue jumped around 14% from the first quarter. And that’s all with a global semiconductor shortage and the delayed launch of its updated higher-margin models, the S and the X.
The company’s valuation is another story. At $620 billion, it is way overvalued at 115 times the next 12 months’ earnings, according to Refinitiv data. And its stock remains volatile: Between late January and early March, the company lost some $310 billion in value, more than next-largest Toyota’s market worth. Over the next few weeks, it then added $90 billion, which eclipses GM’s value.
Such shifts are likely to continue as Tesla tries to grow sales while competition increases. That’s no longer coming just from established manufacturers like Volkswagen
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