July 22, 2022: -Automotive gross margin came in at 27.9%, down from 32.9% last quarter and 28.4% a year ago, influenced by inflation and more competition for battery cells and other components that go into electric vehicles. Automotive revenues pushed up $14.6 billion of the company’s total, with $1.47 billion from services and additional income and $866 million from the company’s energy segment.
The company generated $344 million in automotive regulatory credits revenue in the second quarter, the company said in its shareholder deck. That’s a $10 million or nearly a 3% decline from the same period in 2021.
On Wednesday, CEO Elon Musk said Tesla’s current factory outside of Berlin got 1,000 cars each week in June in an earnings call. He expects the company’s latest factory in Austin, Texas, to surpass the 1,000 per week production landmark in the following months.
Tesla has expanded its charging infrastructure over its store and service centers, reporting 709 store and service locations for the quarter and 3,971 Supercharger locations in the second quarter. Those numbers represented 19% growth in store and service center locations year after year and a 34% growth in the number of charging locations.
The company offered little piece regarding its investments in and sales of cryptocurrency, writing, “As of the end of Q2, we have converted approximately 75% of our Bitcoin investments into ruling currency. Conversions in Q2 added $936M of cash to our balance sheet.” Overall, the company’s cash and equivalents increased by $847 million during the quarter. Tesla was waving among crypto fanatics when it announced in early 2021 that it had purchased $1.5 billion worth of bitcoin.
Musk explained on Wednesday’s call, “The reason we sold a bunch of our bitcoin holdings was that we were uncertain when the covid lockdowns in China would alleviate, so it was important for us to maximize our cash situation.” He said, “This should not be taken as some verdict on Bitcoin.” CFO Zachary Kirkhorn and Musk confirmed that Tesla had not sold any of its dogecoins.
With two new factories now standing in Texas and outside of Berlin in Germany, Tesla has kept its soft guidance for “50% average annual growth in vehicle deliveries” over a “multi-year horizon.”
Tesla still counts its hotly anticipated Cybertruck, updated Roadster concept, and other speculative projects such as the humanoid robot as “in development.” On Wednesday, in answer to an investor’s question, Elon Musk stated that Tesla hopes to begin delivering the Cybertruck, an experimental-looking pickup, in the coming year.
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AspenTech, a Massachusetts-based company, plays a pivotal role in the oil and gas industry by leveraging cutting-edge technologies, including AI (artificial intelligence). Let’s delve into how AspenTech contributes to this dynamic sector
It’s no secret that oil and gas is a boom-and-bust industry. Production is currently up, projected to increase to 13.7 million barrels daily in 2024. But this won’t last forever. Whether production is up or down, the key to maximizing production, optimizing efficiency, and taking advantage of increased profits is innovation, digital transformation,and automation.For stakeholders looking to deliver safer, more efficient, and cheaper energy, innovation and automation must be a top priority. Those who fall behind in the race to innovate, ultimately, run the risk of losing market share.
Talking to Thomas Hundertmark, a senior partner in McKinsey’s Houston office, Darren Woods is chairman and CEO of ExxonMobil made some crucial points and also gave some insights on what the conglomerate was doing in order to save the climate.
When Darren Woods took the reigns of ExxonMobil six years ago, no one could have anticipated that the Kansas resident would soon face what Texas oil patch vets call “a whole pile of trouble.” Three years later, the oil market collapsed during the COVID-19 pandemic, which dealt the 140-year-old oil organization its first annual upset in four decades.
Today oil and gas producers face severe regulatory and public relations obstacles due to the concern with greenhouse gases and resource depletion. Calgary-based start-up, Advanced Upstream (“AU”), has been disrupting the oil and gas industry with simple and reliable innovative technologies. AU’s products help the oil and gas producers to enhance energy production while reducing the corresponding environmental impact. By decreasing personnel and time on site, and lowering overall HSE risks across the board, the clients can see a notable improvement in their ESG rating, contributing to their bottom line.
Jasmin Staiblin, Chief Executive Officer of ABB Switzerland, says, “Global energy consumption continues to grow and, if left unabated, will lead to an ever-greater risk of irreversibly changing our climate. To take advantage of more sustainable energy sources, the energy landscape is in a state of profound change to allow the integration of increasing amounts of renewable energy sources into the grid, to allow infrastructure to run more intelligently and efficiently, and to ensure the supply of energy is available at all times.
The activation of the Fallon Two Rock solar farm project has recently bolstered the Californian energy …