Money
Tesla profits rise to a new record
Tesla’s profit has more than quadrupled this quarter to a new high of 1.6 billion dollars, amid chip shortages and supply chain troubles
Unlike other car makers, Tesla’s sales rose during the third quarter.
This has set a new company record, despite chip shortages and supply chain challenges weighing on the entire industry.
The record results were driven by improved gross margins on its automotive business.
This is the second time in Tesla’s history that revenue earnings have surpassed $1 billion.
Just In the year-ago quarter, net income was at $331 million.
Tesla also generated $806 million from its energy business, including its solar and energy storage products for homes and utilities.
Gross margins were improved by 30.5 per cent on its automotive business and 26.6 per cent overall, both of which are records for at least the last five quarters.
Reported under “restructuring and other” expenses, Tesla also reported a $51 million impairment related to its investment in bitcoin.