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Tesla Clinches Record Profit Despite Shortage of Chips and Parts

By 10/21/2021 7:00 PMNo Comments

Tesla’s electric vehicles have gained immense popularity across the globe, and the proof is in the record-high sales that the company has witnessed this the last summer. 

Amid a shortage of computer chips and other parts, Tesla Inc. has managed to obtain the biggest quarterly net earnings in its history. On Wednesday, the company, helmed by CEO Elon Musk said that it made $1.62 billion in the third quarter, beating the old record of $1.14 billion set in the second quarter of this year. The profit was nearly five times larger than the $331 million Tesla made in the same quarter a year ago.

Source: TechSpot

“A variety of challenges, including semiconductor shortages, congestion at ports, and rolling blackouts, have been impacting our ability to keep factories running at full speed,” the company said in a statement to shareholders but delivered a record 241,300 electric vehicles in the third quarter. 

Meanwhile, most automakers reported sales declines in the U.S. last quarter due to chip and other shortages, including General Motors and Ford.

So far this year, Tesla has sold around 627,300 vehicles, compared to last year’s total of 499,550.

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Rhea Sovani

Author Rhea Sovani

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