Tesla posts record profits, offers muddy outlook for batteries, Cybertruck

Tesla Inc posted a bigger second-quarter profit than expected on Tuesday thanks to higher sales of its less-expensive electric vehicles, as it raised vehicle prices and cut costs.

Tesla CEO Elon Musk, however, said a global chip shortage that led to temporary factory shutdowns for the automaker, remains serious, and offered no details on the timing of its Cybertruck and next-generation batteries.

For the first time since late 2019, Tesla profits did not rely on sales of environmental credits to other automakers, a sign of increasing financial health for the manufacturing operation.

Shares of the world’s most valuable automaker rose nearly 1% in extended trade.