Summary of Fin Review article published this morning. Musk says...

Summary of Fin Review article published this morning.

Musk says lithium price ‘insane’, license to print money

Tom Richardson

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Tesla founder Elon Musk has claimed the lithium price is “insane”...

Mr Musk said he urged all entrepreneurs to get into lithium processing or refining to produce the lithium hydroxide that was battery grade. The entrepreneur claimed “you cannot lose” as lithium hydroxide processing was a “license to print money” on software margins.

The entrepreneur also revealed Tesla had sold 75 per cent of its bitcoin holdings over the quarter.

Elon Musk said the lithium price is “insane” on Tesla’s earnings call. AP

1 hr ago – 7.36AM

Tesla profit drops on margin hit, but company beats estimates

Tom Krisher

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DETROIT (AP) — Tesla’s second-quarter profit fell 32 per cent from record levels in the first quarter as supply chain issues and pandemic lockdowns in China slowed production of its electric vehicles.

But the Austin, Texas, company still surprised Wall Street with a $2.26 billion net profit for the quarter. Tesla stuck with a prediction of 50 per cent annual vehicle sales growth over the next few years, but said that depends on the supply chain, equipment capacity and other issues.

The company made a record $3.32 billion in this year’s first quarter.

The new Tesla Model Y Tesla

Tesla’s sales from April through June fell to 254,000 vehicles, their lowest quarterly level since the North American autumn last year (supply chain disruptions) . But the company predicted record-breaking production in the second half and said that in June it had the highest production month in its history.