New York: Tesla’s third quarter profit is more than four times the higher sales despite the global semiconductor deficiency that has disrupted the automotive industry, according to the results released Wednesday.
Elon Musk’s electric car company posted a record profit of $ 1.6 billion for a period of three months, because income jumped 57 percent to $ 13.8 billion compared to the annual year period.
Tesla also delivered a record 241,391 vehicles during the period, with sales significantly increased in North America and China.
The results of the study showed that Tesla output was less influenced by the lack of global semiconductors than some rival car makers who had closed the factory or cut production.
However, the company said the lack of chips, as well as congestion on the port and rolling blackouts, “has had an impact on our ability to keep the factory running at full speed.” “We believe our supply chain, engineering, and production team we have dealt with this global challenge with ingenuity, agility and flexibility that is unmatched in the automotive industry,” Tesla said in the news release.
Tesla is rather lower income on credit regulation credit sales to other car makers compared to last year’s period.
The company also reported a decline in $ 51 million related to Bitcoin.
But the profit margins are expanded, even when the company touched on uncertainty amid the challenges of the supply chain attached.
“We continue to run our production lines as close as possible with full capacity when conditions allow,” Tesla said in the news release.
“While sequential growth remains our goal, the amount of growth will be determined mostly by external factors.” Carmaker Electricity said new factories in Germany and the US Texas state remained on track.
Musk in hand earlier this month at the opening of “Gigafactory” Tesla near Berlin, its first European plant which is estimated to ultimately produce around 500,000 cars per year.
The facilities that were almost finished have been criticized by several NGOs in Germany, but Tesla said in Wednesday’s press releases expected to receive end permit approval at the end of the year.
Other gigafactory in Austin, Texas “developed according to plan,” Tesla said.
Musk announced earlier this month that the company shifted his head office to Texas from California.
Tesla approached its first production line in Austin and Berlin, but “the most difficult job in front” in increasing output, Head of Finance officers Zack Kirkhorn said on income calls.
Tesla has completed a shift to its factory in Shanghai to be the main center for export vehicles, freeing other plants to provide more cars for Europe and North America, according to the executive.
The purpose declared company is to rise to speed to produce millions of cars every year.
“There seems to be a very profound awakening of the desire for electric vehicles,” said Kirkhorn.
“This called us a little off guard.
People want to buy an electric car and people want to buy Tesla now.
Very pleasant for us.” Tesla said it was expanding new “self-driving” technology to more drivers based on “safety drivers displayed.” But earlier this month, the US highway safety regulator demanded detail from Tesla about the problem with the new autonomous system, building a previously announced probe.
Executives about negligent regulatory calls, say they are expected with “sophisticated” technology and that they work together “as much as possible.” CFRA Research Analyst Garrett Nelson said strong results had been given prices to Tesla’s shares, describing trade actions as “muted.” In addition, the company statement that the magnitude of growth “will be determined mostly by outside factors’ giving investors pause,” said Nelson.
Tesla shares dipped 1.3 percent to $ 854.40 in trading after working hours.
Stocks have increased by more than 25 percent in the past two months.