The Economic Times daily newspaper is available online now.

    Tesla profits surge on higher sales despite chip crunch

    Synopsis

    Elon Musk's electric car company posted a record profit of $1.6 billion for the three-month period, as revenues surged 57% to $13.8 billion compared to the year-ago period.

    tesla-afp-2AFP
    Tesla also delivered a record 241,391 vehicles during the period, with sales significantly ramping up in North America and China.
    Tesla's third-quarter profits more than quadrupled on sharply higher sales despite a global semiconductor shortage that has plagued the auto industry, according to results released Wednesday.

    Elon Musk's electric car company posted a record profit of $1.6 billion for the three-month period, as revenues surged 57% to $13.8 billion compared to the year-ago period.
    Tesla also delivered a record 241,391 vehicles during the period, with sales significantly ramping up in North America and China.

    The results suggest Tesla's output has been less affected by the global shortage of semiconductors than some rival carmakers that have shuttered factories or cut production. However, the company said chip shortages, as well as congestion at ports and rolling blackouts, "have been impacting our ability to keep factories running at full speed."


    (You can now subscribe to our Economic Times WhatsApp channel)
    (Catch all the Business News, Breaking News, Budget 2024 News, Budget 2024 Live Coverage, Events and Latest News Updates on The Economic Times.)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the ET ePaper online.

    ...more

    (You can now subscribe to our Economic Times WhatsApp channel)
    (Catch all the Business News, Breaking News, Budget 2024 News, Budget 2024 Live Coverage, Events and Latest News Updates on The Economic Times.)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the ET ePaper online.

    ...more
    The Economic Times

    Stories you might be interested in