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October 20, 2021 08:17 pm

Tesla bucks chip shortage woes with another profitable quarter




Tesla Model X redesign
Image: Tesla



Tesla’s record third quarter brought its biggest three-month windfall ever, as the company announced Wednesday that it turned a $1.6 billion profit. That’s despite a global semiconductor shortage and delays in the rollout of the refreshed Model S sedan and Model X SUV.


Tesla turned that profit on just over $13.7 billion in revenue, and did it while its average sales price continued to drop due to the increasing popularity of the more affordable Model 3 sedan and Model Y SUV.


Tesla has also continued to increase the profitability of those vehicles. The company said Wednesday that the gross margin on its cars is up to nearly 30 percent — a figure it has reached in large part thanks to its efforts in China, as it recently started exporting...



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Original Link: https://www.theverge.com/2021/10/20/22736859/tesla-q3-earnings-profit-chip-shortage-sales-elon-musk

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