Tesla delivers record 3rd quarter 2021 profit despite chip shortage

Tesla’s third quarter 2021 exceeded expectations as the company posted a three-month profit of $ 1.6 billion, the largest profit the company has ever recorded in this period.

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Tesla posted the biggest quarterly net profit in history, the company said on Wednesday, propelled by record electric vehicle sales last summer. Indeed, despite a context of shortage of computer chips and other components, Tesla still shipped a total of 241,300 vehicles in the third quarter, ie 40,000 more cars than in the previous quarter. The automaker’s revenue grew 57% year-over-year, reaching a new high of $ 13.76 billion for the quarter.

Thanks to these additional sales, Tesla reportedly made a net profit of $ 1.6 billion, breaking the previous record of $ 1.14 billion. Tesla has notably succeeded in increasing the profitability of these vehicles. Indeed, the company said that the gross margin of its cars has risen to almost 30%. This was notably made possible through its efforts in China, where it recently started exporting inexpensive vehicles built in that country to other markets like Europe.

Tesla sells more electric cars, despite component shortage

So far this year, Tesla has sold around 627,300 vehicles. While we’re only in the third quarter, Tesla still managed to beat last year’s total sales of 499,550 vehicles. These sales are carried by the Model 3 and Model Y of the American manufacturer, which meet with enormous success all over the world. For example, Tesla has been selling around 24 Model 3s per hour since its launch in 2017, much more than all other electric cars.

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Sales should also soon be boosted by the opening of the new Gigafactory in Berlin., which will produce the first European Model Ys at the end of the year. Tesla’s sales are taking off, as the industry is currently severely impacted by the global semiconductor shortage. A return to normal would not be expected before 2023 according to car manufacturers.

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