Like Netflix the day before, Tesla has surprised by topping market forecasts in yet another sign that America’s megatechs are doing well, thank you.
The electric vehicle/battery group revealed it had managed to overcome the continuing shortage of computer chips vital to its products and other supply chain problems.
Despite the global chip shortage Tesla said it was able to post record deliveries for the quarter – up 70% in the past year.
The company has weathered the chip crisis better than rivals, with its overall deliveries surging 20% in the September quarter from its previous record in the second quarter, marking the sixth consecutive quarter-on-quarter gains.
“We continue to target our first Model Y production builds in Berlin and Austin before the end of the year,” Tesla said in its statement on Wednesday afternoon.
The company said revenue rose to $US13.76 billion from $US8.77 billion a year earlier. The market had expected revenue of about $US13.63 billion.
The company reported $US1.62 billion in net income for the quarter, the second time it has surpassed $US1 billion for a three-month period. The latest net income result was five times the $US331 million reported for the September, 2020 quarter,
Telsa said the record results were driven by improved gross margins of 30.5% on its automotive business and 26.6% overall.
Tesla generated $US806 million from its energy business, including its solar and energy storage products for homes and utilities, and $US894 million in services revenue, including revenue from its Full Self-Driving package.
Tesla delivered 241,300 electric vehicles and production of 237,823 vehicles in the latest quarter, up from 201, 250 in the June quarter and up a huge 70% from the 139,300 deliveries in the year ago quarter.
After edging up 0.18% in regular trading, Tesla shares eased by around 04% in after-hours dealings in the wake of the results announcement.
