Elon Musk presents Tesla’s revenues and attacks Apple

Apple is working on building a self-driving electric vehicle as part of the Titan project and has drawn a number of engineers and executives away from Tesla to develop it. At the head of the Titan project is Doug Field, who returned to Apple in 2018 after five years at Tesla. Which has caused some friction between the two companies working on similar projects. Tesla CEO Elon Musk, Interviewee on Tesla’s supply chain, spoke about the use of cobalt, a key material in the production of lithium-ion cells that is used in both smartphones and electric cars: “I think that Apple uses nearly 100% cobalt in batteries, cell phones and laptops, but Tesla doesn’t use cobalt. On a weighted average we could use 2% cobalt compared, for example, to Apple’s 100% cobalt ”. A large portion of rare earths such as cobalt is mined in the Democratic Republic of the Congo and its extraction, in addition to raising protests about its environmental impact, has repeatedly been linked to human rights violations on child labor. Musk also unveiled the new company numbers: Tesla posted net income of $ 1.14 billion for the quarter, surpassing $ 1 billion for the first time. In the quarter a year ago, net income was $ 104 million. Overall automotive revenue was $ 10.21 billion. Tesla reported shipments of 201,250 electric vehicles and a total production of 206,421 vehicles during the quarter ending June 30, 2021. The company also reported $ 801 million in revenue from its energy business, including solar photovoltaic and storage systems. energy for homes, businesses and utilities, up more than 60 percent from last quarter. Tesla also reported $ 951 million in services and other revenues. The company now operates 598 stores and service centers and a service fleet that includes 1,091 vehicles, up 34% from a year ago, up from + 121% a year ago. A $ 23 million devaluation related to the value of its bitcoin holdings was reported as an operating expense.

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