The Palo Alto-based company third-quarter earnings after the bell on Wednesday. Tesla reported $1.62 billion in (GAAP) net income for the quarter. Tesla’s net income surpassed $1 billion for the second time. One year ago, in the third quarter, the company’s net income was $331 million.
The formidable results were driven by improved gross margins of 30.5% on its automotive business and 26.6% overall, both of which are records for at least the last five quarters.
Automotive revenue jumped to $12.06 billion and costs of automotive revenue constituted $8.38 billion for the quarter.
The company generated $806 million in revenue from its energy business, which combines solar and energy storage products. Tesla also generated $894 million in services and other revenue, which includes vehicle maintenance and repairs, auto insurance, and sales of Tesla-branded merchandise among other things.
During the third quarter, the company recorded a $51 million impairment related to its investment in Bitcoin.
Tesla delivered 241,300 electric vehicles and produced 237,823 vehicles in the third quarter. As opposed to other automakers, the company’s sales rose during the quarter, setting a new company record. Many other carmakers reported record profits during the semiconductor chip shortage due to resilient consumer demand. Nonetheless, Tesla’s rivals have not been able to produce better sales due to supplier constraints.
In a Q3 2021 shareholder deck, the company remained non-committal regarding the date for the production of the hotly anticipated Cybertruck. Tesla is saying only that production of Cybertruck will begin at some point after Model Y production commences in Austin. Its new facility is under construction in Texas.
In the past, it used lithium-ion battery cells with a nickel cathode in its standard range vehicles made for customers in North America. Because iron is more plentiful compared to raw materials used in other lithium-ion battery cells. Lithium Iron Phosphate (LFP) batteries are generally more affordable to produce.
CATL and BYD are the two top producers of these types of battery cells. The carmaker is already producing batteries with CATL, the companies previously revealed.
Tesla’s CEO Elon Musk chose not to address shareholders as well as analysts on Wednesday. The earnings call was somewhat dry compared to previous calls when Elon Musk famously insulted analysts. In 2020, he called pandemic-related health orders fascist.
Key Points: AUD/JPY broke below a rising wedge, signalling possible bearish momentum, with immediate resistance at 103.00 and support at…
Key Points EUR/JPY Rises to 168.25: Strengthened by robust Eurozone economy and steady ECB policy. Eurozone GDP Grew by 0.3%…
Key Points: Nio's shares hit 44.20 HKD, up 20%, with electric vehicle deliveries up 134.6% year-on-year to 15,620. BYD leads…
Key Points: Ethereum fell sharply from $3,355 to a low of $2,813, reflecting high volatility and sensitivity to market dynamics.…
Key Points Nikkei 225 slightly fell by 0.1%, while the Hang Seng index surged by 2.4%. USD/JPY increased slightly, highlighting…
Key Points: Gold prices rose on MCX India to ₹71,278/10 gm and COMEX US to $2,328/oz. The US Dollar Index…
This website uses cookies.