Tesla sold 75 percent of its Bitcoin

Illustration by Alex Castro / The Verge

The full Q2 2022 financial report shows that the company is dealing with inflation and the downturn in the economy, as well as a plunge in the price of cryptocurrencies. In the letter to investors, the company revealed that it has sold 75 percent of its holdings in the digital currency.

Last year, the company made a billion dollar investment in the virtual currency. Just 49 days later, the company reversed itself after starting to accept the digital currency.

According to the latest report, the value of the company's remaining digital assets is $218 million, which is less than the previous quarter's total. Musk said last July that he wouldn't dump. I don't believe in getting the price high. I would like to see the creation of a new currency.

When it comes to its business of making electric cars, where new competitors seem to be announced every day, and solar products, the company is reporting a 31 percent decrease in profits from last quarter. The profit was earned on $16.9 billion in revenue, which is down from the first quarter of the year.

The company made $1.1 billion on $11.9 billion in revenue in the second quarter of the year, but it is still doing better than it did in the first quarter of the year. The company attributes that to a number of factors, including lower stock-based compensation expense, more vehicle deliveries, and an improved selling price. This is the first full quarter sinceTesla raised the prices on all of its cars by as much as 10 percent. The company earned more per car each quarter despite the price increases. In the first quarter, it had a gross automotive margin of 34.9%. It was 28.7% this quarter.

The deliveries have dropped by around 18 percent compared to the first quarter of the year. It produced less cars this quarter. In its earnings report, the company said that it faced limited production and shutdowns in Shanghai for the majority of the quarter, but that it continued to ramp up production at its new facilities.

Higher fixed costs per car, as well as increased prices in everything from raw materials tologistics, are some of the difficulties the automaker reports.

Revenue from selling regulatory credits to other automakers decreased by almost 50 percent compared to last quarter. It made only $344 million in Q2 after bringing in $689 million in the first quarter. The credits help other companies that don't make enough clean cars.

It has been a difficult quarter at the company. A deal that has been a huge mess and is now headed to Delaware's Court of Chancery is the result of CEO Musk selling billions of dollars worth of stock in the company. Musk said he felt bad about the economy when he announced the hiring freezes and layoffs at the company. The autopilot team has been affected by the layoffs and the company has been accused of violating labor laws. Earlier this month, the company lost its head of artificial intelligence.

There have been some good news. According to a report from the ride hailing company in June, the partnership between the company and the electric car maker seems to be going well. According to a fact sheet released by the White House, non-Tesla cars will be able to use the Supercharger network in the US in 2022.

You can listen to the Q2 results discussion on the investor call here.

The person is developing.