Elon Musk’s company posted a record profit of $1.6 billion for the three-month period, as revenues surged 57 percent to $13.8 billion.
Tesla also delivered a record 241,391 vehicles during the period, with sales significantly ramping up in North America and China.
NEW YORK: Tesla’s third-quarter profits more than quadrupled on sharply higher sales despite a global semiconductor shortage that has plagued the auto industry, according to results released Wednesday.
Elon Musk’s electric car company posted a record profit of $1.6 billion for the three-month period, as revenues surged 57 percent to $13.8 billion compared to the year-ago period.
Tesla also delivered a record 241,391 vehicles during the period, with sales significantly ramping up in North America and China.
The results suggest Tesla’s output has been less affected by the global shortage of semiconductors than some rival carmakers that have shuttered factories or cut production.
However, the company said chip shortages, as well as congestion at ports and rolling blackouts, “have been impacting our ability to keep factories running at full speed.”
“We believe our supply chain, engineering, and production teams have been dealing with these global challenges with ingenuity, agility, and flexibility that is unparalleled in the automotive industry,” Tesla said in its news release.
The electric carmaker said new factories in Germany and the US state of Texas remain on track.
Musk was on hand earlier this month at the unveiling of Tesla’s “gigafactory” near Berlin, its first European plant that is expected to ultimately produce some 500,000 cars a year.
The nearly completed facility has been criticized by some NGOs in Germany, but Tesla said in Wednesday’s press release that it expects to receive final permit approval by the end of the year.
Another gigafactory in Austin, Texas is “progressing as planned,” Tesla said. Musk announced earlier this month that the company is shifting its headquarters to Texas from California.
