Tesla Reports Net Profit and Record Third Quarter Profits
Tesla broke many of its own records according to its third quarter earnings report released on Wednesday, including the best ever net profit, gross margin, vehicle production and deliveries.
Revenue for the world’s largest electric automaker grew 57 percent year-on-year, reaching a new high of $ 13.76 billion for the quarter. Tesla also reported GAAP net income of $ 1.62 billion, up from $ 331 million in the third quarter of last year.
|TSLA||TESLA, INC.||865.80||+1.53||+ 0.18%|
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The company noted that it had achieved its impressive results despite battling supply chain issues and other challenges.
“A variety of challenges, including semiconductor shortages, port congestion and blackouts, have impacted our ability to run factories at full speed,” Tesla said in his summary. report.
The company said that while its Fremont, Calif., Plant “produced more cars in the past 12 months than in any other year” at 430,000, the company said it believed “that there is room for continuous improvement “.
Tesla added that it was continuing “to develop Gigafactory Shanghai and build new capacity in Texas and Berlin”. The company expects its first production versions of the Model Y to hit lines in Germany and Austin before the end of the year.
CEO Elon Musk announced earlier this month that Texas will become Tesla’s new headquarters, but the company will still ramp up production in California.
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The company expects to eventually achieve an average annual growth of 50% in vehicle deliveries in the coming years, but states that “the rate of growth will depend on the capacity of our equipment, operational efficiency and capacity. and the stability of the supply chain “.