Detroit: Record electric vehicle sales last summer amid shortages of computer chips and other materials Tesla Inc. Largest quarterly net . For Income in its history.
The company said on Wednesday that it earned $1.62 billion in the third quarter, breaking the previous record of $1.14 billion set in the second quarter of this year. Profit $331 million. was about five times larger than Tesla Made in the same quarter a year ago.
Revenue of $13.76 billion from July to September also set a record, according to FactSet, but fell short of Wall Street’s expectations by more than $14 billion.
Excluding special items like stock-based compensation, Palo Alto, Calif.-based Tesla earned $1.86 per share, beating analyst estimates of $1.62. CEO Elon Musk has said it is relocating headquarters to Austin, Texas, the date of Wednesday’s earnings release.
However, some quarterly gains came from selling regulatory credit to other automakers. Tesla earned $279 million on credit during the quarter. Other automakers buy credits when they can’t meet emissions and fuel-economy standards.
“A number of challenges, including semiconductor shortages, port congestion and rolling blackouts, are affecting our ability to keep factories running at full speed,” the company said in a statement to shareholders. “We believe that our supply chain, engineering and production teams are meeting these global challenges with the ingenuity, agility and flexibility unparalleled in the automotive industry.”
Earlier this month Tesla said it delivered a record 241,300 electric vehicles in the third quarter, even as it wrestled with shortages affecting the entire auto industry.
Third-quarter sales rose 72% compared to Tesla’s 140,000 deliveries for the same period a year ago.
So far this year, Tesla has sold about 627,300 vehicles. This picks up the pace beating last year’s total of 499,550.
While sales rose in the third quarter, average selling prices fell 6% as Tesla is selling the more less-expensive Model 3 and Y and the less pricier Model S and X.
wedbush analyzer Daniel Ives Tesla’s deliveries and earnings are impressive, despite a lack of automotive computer chips, said a note to investors. He wrote that demand exceeds supply for Tesla and Wedbush believes the chip shortage drove Tesla’s sales of nearly 40,000 vehicles so far this year.
Still, he predicted Tesla would reach about 900,000 in sales this year and about 1.4 million in 2022.
The company said in a statement that construction of its new factory near Austin is progressing as planned and is preparing equipment and “building our first pre-production vehicles.”
The factory, which is centrally located in Fremont compared to Tesla’s other assembly plants, california, will ship Model Y small SUVs and the new Cybertruck pickup to East Coast population centers.
Tesla said it expects to rapidly expand its factory capacity, and expects to increase annual sales by an average of 50% over a “multi-year horizon”.
“The rate of growth will depend on our equipment capacity, operational efficiencies and the efficiencies and stability of the supply chain,” the company said.
Tesla said its factory in China remains its main source of exports. It plans to switch to lithium iron phosphate battery chemistry globally for standard range vehicles.
Tesla Inc. shares fell 0.7% to $860 after Wednesday’s trading.
The company said on Wednesday that it earned $1.62 billion in the third quarter, breaking the previous record of $1.14 billion set in the second quarter of this year. Profit $331 million. was about five times larger than Tesla Made in the same quarter a year ago.
Revenue of $13.76 billion from July to September also set a record, according to FactSet, but fell short of Wall Street’s expectations by more than $14 billion.
Excluding special items like stock-based compensation, Palo Alto, Calif.-based Tesla earned $1.86 per share, beating analyst estimates of $1.62. CEO Elon Musk has said it is relocating headquarters to Austin, Texas, the date of Wednesday’s earnings release.
However, some quarterly gains came from selling regulatory credit to other automakers. Tesla earned $279 million on credit during the quarter. Other automakers buy credits when they can’t meet emissions and fuel-economy standards.
“A number of challenges, including semiconductor shortages, port congestion and rolling blackouts, are affecting our ability to keep factories running at full speed,” the company said in a statement to shareholders. “We believe that our supply chain, engineering and production teams are meeting these global challenges with the ingenuity, agility and flexibility unparalleled in the automotive industry.”
Earlier this month Tesla said it delivered a record 241,300 electric vehicles in the third quarter, even as it wrestled with shortages affecting the entire auto industry.
Third-quarter sales rose 72% compared to Tesla’s 140,000 deliveries for the same period a year ago.
So far this year, Tesla has sold about 627,300 vehicles. This picks up the pace beating last year’s total of 499,550.
While sales rose in the third quarter, average selling prices fell 6% as Tesla is selling the more less-expensive Model 3 and Y and the less pricier Model S and X.
wedbush analyzer Daniel Ives Tesla’s deliveries and earnings are impressive, despite a lack of automotive computer chips, said a note to investors. He wrote that demand exceeds supply for Tesla and Wedbush believes the chip shortage drove Tesla’s sales of nearly 40,000 vehicles so far this year.
Still, he predicted Tesla would reach about 900,000 in sales this year and about 1.4 million in 2022.
The company said in a statement that construction of its new factory near Austin is progressing as planned and is preparing equipment and “building our first pre-production vehicles.”
The factory, which is centrally located in Fremont compared to Tesla’s other assembly plants, california, will ship Model Y small SUVs and the new Cybertruck pickup to East Coast population centers.
Tesla said it expects to rapidly expand its factory capacity, and expects to increase annual sales by an average of 50% over a “multi-year horizon”.
“The rate of growth will depend on our equipment capacity, operational efficiencies and the efficiencies and stability of the supply chain,” the company said.
Tesla said its factory in China remains its main source of exports. It plans to switch to lithium iron phosphate battery chemistry globally for standard range vehicles.
Tesla Inc. shares fell 0.7% to $860 after Wednesday’s trading.
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