Tesla beats analyst estimates, delays Semi launch

Tesla reported a big jump in profit on Monday, topping $1 billion in net income for the first time in the company's history.

It also beat Wall Street’s expectations for revenue in the second quarter with $12 billion, up from $6 billion in the same period a year earlier.

The electric carmaker, led by billionaire entrepreneur Elon Musk, said it expected to launch production this year of its Model Y SUV in Texas and Germany, but would delay the launch of the Semi truck until 2022.

Still, despite a prolonged global shortage of computer chips that has hit the auto industry, Tesla posted record deliveries during the quarter, thanks to sales of its less expensive models including its Model 3 sedans and Model Y crossovers.

Tesla and Musk have said the supply chain crisis will still pose a challenge and that the rate of growth will depend on it.

Shares of the world's most valuable automaker were up more than 2.5% in extended trade.