Tesla recently announced its record revenue and profits for the third quarter, revealing its most significant three-month surprise ever, as the company registered a $1.6 billion profit. The profit is the highest the company recorded so far and comes after merely three months after announcing its first $1bn-plus quarterly profit.
The company manage to turn over $13.7 billion in revenue, while its average sales price continued to drop for Model 3 sedan and Model Y SUV. According to Tesla, the gross margin on its vehicles is up to approximately 30 percent, mostly due to its efforts of exporting low-cost models manufactured in China to markets like Europe, as well as increasing production of the renewed Model S.
Interestingly enough, Tesla is getting more profit on its automobiles even though it decreased the number of regulatory credits it sold this quarter – $279 million this quarter, compared to $354 million in Q2.
General Motors’ sales in the US decreased 33 percent compared to 2020, while Ford’s lost approximately 27 percent. However, Tesla increased its global deliveries to more than 241,000.
The company has managed to dodge the bullet by sourcing different chips and rewriting software on the fly and successfully avoided headaches caused by the shortage of chips.