Tesla hits record profit despite parts shortage, ship delays

Record electrical conveyance income past summertime amid a shortage of machine chips and different materials propelled Tesla Inc. to the biggest quarterly nett net successful its history.

The institution said Wednesday that it made $1.62 cardinal successful the 3rd quarter, beating the aged grounds of $1.14 cardinal acceptable successful the 2nd 4th of this year. The nett was implicit 5 times larger than the $300 cardinal Tesla made successful the aforesaid 4th a twelvemonth ago.

Revenue of $13.76 cardinal from July done September besides acceptable a record, but it fell abbreviated of Wall Street expectations of conscionable implicit $14 billion, according to FactSet.

Excluding peculiar items specified arsenic stock-based compensation, Palo Alto, California-based Tesla made $1.86 per share, beating expert estimates of $1.62. CEO Elon Musk has said he's moving the office to Austin, Texas, the dateline of Wednesday's net release.

Some of the quarterly profit, though, came from selling regulatory credits to different automakers. Tesla made $279 cardinal connected credits during the quarter. Other automakers bargain the credits erstwhile they can't conscionable emissions and fuel-economy standards.

"A assortment of challenges, including semiconductor shortages, congestion astatine ports and rolling blackouts, person been impacting our quality to support factories moving astatine afloat speed," the institution said successful a connection to shareholders. "We judge our supply chain, engineering and accumulation teams person been dealing with these planetary challenges with ingenuity, agility and flexibility that is unparalleled successful the automotive industry."

Earlier this period Tesla said it delivered a grounds 241,300 electric vehicles successful the 3rd 4th adjacent arsenic it wrestled with the shortages that person deed the full car industry.

Third-quarter income roseate 72% implicit the 140,000 deliveries Tesla made for the aforesaid play a twelvemonth ago.

So acold this year, Tesla has sold astir 627,300 vehicles. That puts it connected gait to soundly bushed past year's full of 499,550.

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