Tesla Q2 profits top $1bn

Amsterdam, Netherlands - February 24, 2017: Black Tesla model S

Tesla has posted profits of more than $1bn in the last three months.

The high profits were despite a shortage of global chips and the car company struggling to keep up with demand.

Second-quarter profits hit $1.14bn, which is over ten times what it made a year ago.

Elon Musk commented on the lack of global chips: “Our biggest challenge is supply chain, especially microcontroller chips. Never seen anything like it.”

“Fear of running out is causing every company to over-order – like the toilet-paper shortage, but at epic scale,” he added back in June.

In after-hours trading, shares in Tesla grew by 2%.

Musk said recently that Tesla is likely to continue accepting Bitcoin as payment.

“I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50%, and that there is a trend towards increasing that number, and if so Tesla would resume accepting bitcoin” he said, causing the price of Bitcoin to surge.

“Most likely the answer is that Tesla would resume accepting bitcoin.”