Tesla astound by reporting record quarterly sales and profits

Tesla once again astound the public by overcoming supply chain issues and the current microchip shortage by reporting record quarterly sales and profits.

The third quarter of 2021 saw revenues rise to $13.7bn and that is from $8.77bn a year earlier.

Elon Musk will certainly be pleased with the growth, which allowed to company to a profit of $1.6bn and car sales just shy of a quarter of a million.

“We achieved our best-ever net income, operating profit and gross profit,”.

China seems to be the biggest exporting hub as Tesla now plan rolling out different types of batteries in the standard vehicles.

The new battery will be developed using lithium iron phosphate these are cheaper than the current batteries on sales, however does offer less range.

There has been a myriad of challenges for the car industry, but also for any company requiring microchips during the pandemic.

To add to that congestion at ports around the world has also slowed down the supply chain for parts and deliveries.

Despite the fact the new car sales are down drastically on pre-pandemic numbers, it seems people still are keen to make the jump to greener transport.

“While Fremont factory produced more cars in the last 12 months than in any other year, we believe there is room for continued improvement. Additionally, we continue to ramp Gigafactory Shanghai and build new capacity in Texas and Berlin,” Tesla said.

“The rate of growth will depend on our equipment capacity, operational efficiency and the capacity and stability of the supply chain.”

Surprisingly most of the finance for this quarter has been from the Model 3 and the Model Y.

The Model 3 is Tesla’s cheaper model and hasn’t been without difficulties in this past couple of years.

Why not find out what car best suits you with our Artificial Intelligence Personal Shopper?

Sharing articles really helps us out, so why not let your friends know.