'Unique quarter': Hit by China lockdowns, Tesla boosts auto prices and sells bitcoin News Khaleej Times


Source: khaleejtimes.com khaleejtimes.com

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Tesla reported solid quarterly earnings Wednesday despite a hit from Covid-19 lockdowns in Shanghai that CEO Elon Musk said prompted the company to liquidate most of its bitcoin holdings. Musk, who has generated recent headlines over his controversial withdrawal from a $44 billion acquisition of Twitter, said the company had navigated a tricky environment with the Shanghai closure and lingering supply chain problems that have raised costs. The electric vehicle maker reported second-quarter profits of $2.3 billion, about twice that in the year-ago period as the automaker lifted car prices to "embarrassing" levels, as Musk put it. Although Tesla profits...