Tesla reports third quarter 2021 net profit of $ 1.62 billion as car sales rise

Despite the continued shortage of chips, electric vehicle company Tesla reported net income of $ 1.62 billion in the third quarter of 2021, five times more than the same time last year. The company’s operating profit rose about 54 percent in the last quarter to $ 2 billion.

“Operating income increased significantly year over year (year-over-year) primarily due to vehicle volume growth and cost reductions,” the company said in a statement.

“The positive impacts were partially offset by lower ASP, growth in operating expenses, lower regulatory credit revenue, additional supply chain costs, Bitcoin-related depreciation of $ 51 million. dollars and other items, ”he added.

In the third quarter, the company said it produced approximately 238,000 vehicles and delivered over 240,000 vehicles.

According to Engadget, company executives pointed to record Model 3 and Model Y sales for explosive profit growth, although only 9,289 Models X and S were shipped in the same period, a decrease by nearly 40% compared to the second rate for quarter 2021.

Overall, shipments increased 20% in the third quarter from the previous quarter and about 70% from the third quarter of 2020.

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Tesla executives attribute the increase in Model Y production at the Shanghai Gigafactory to the increase in deliveries, according to the report.

Technologically, Tesla is continuing its beta deployment of FSD City Streets and plans to “continue to closely monitor fleet data to facilitate a smooth deployment.”

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