Tesla posts a $1.62 billion profit in Q3 despite difficult car market

Other News Materials 24 October 2021 06:08 (UTC +04:00)
Tesla posts a $1.62 billion profit in Q3 despite difficult car market

Despite a global pandemic and ongoing chip shortage, Tesla has reported a net income of $1.62 billion - five times more than it did this time last year, Trend reports citing Big News Network.

The company's operating income also grew some 54 percent over the past quarter to $2 billion.

Company executives attributed the earnings growth to the record sales of both the Model 3 and Model Y - a combined 232,102 units delivered during Q3 2021. Overall, deliveries increased in Q3 by 20 percent, compared to the previous quarter, and increased by roughly 70 percent over Q3 2020.

In terms of technology, Tesla continued its automated FSD City Streets beta rollout and plans to "monitor fleet data closely to help facilitate a smooth rollout."

The company also released a more streamlined version of its car companion app that "enables phone key for multiple vehicles simultaneously, allows commands to be sent to the vehicle immediately upon opening the app and integrates the purchase of upgrades, subscriptions and accessories."

New features include a "car wash mode," and various tweaks to improve the vehicle's cold weather performance.

In the short term, however, "Q4 production will depend heavily on availability of parts, but we are driving for continued growth," said Tesla CFO Zachary Kirkhorn, as quoted by engadget.com.

"Tesla continues to break molds in these [existing] vehicle segments and we hope to do so with each new product," Martin Viega, Tesla's Senior Director of Investor Relations, noted. "As we've said publicly, we'll eventually expand the vehicle lineup to get to larger volumes. We believe that we will need to be in all major segments across small and mid-size sedans, SUVs and trucks to do so, along with, of course, the massive space of Robo taxi."