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Tesla (NASDAQ:TSLA) shares rose around 2% after-hours Wednesday following the company’s reported Q2 results, with EPS of $2.27 coming in better than the consensus estimate of $1.86. Revenue grew 42% year-over-year to $16.93 billion, compared to the consensus estimate of $16.52 billion.
Despite facing certain challenges, including limited production and shutdowns in Shanghai for the majority of Q2, the company achieved an operating margin among the highest in the industry of 14.6%, a positive free cash flow of $621 million, and ended Q2 with the highest vehicle production month in its history.
The company plans to grow its manufacturing capacity as quickly as possible, expecting to achieve a 50% average annual growth in vehicle deliveries over a multi-year horizon.
Tesla also announced that as of the end of Q2, they have converted approximately 75% of their Bitcoin purchases into fiat currency. Conversions in Q2 added $936M of cash to the balance sheet.
