Tesla continues to achieve record profits - Economist

Electric car maker Tesla Inc.'s third-quarter profit rose and beat analysts' expectations, coming in at $1.62 billion, the second time it has exceeded $1 billion.

Tesla announced its third-quarter earnings on Wednesday, October 20, the second time it has exceeded $1 billion, compared to $331 million in the third quarter of last year.

And earnings per share were announced at $1.86, compared to analyst expectations of about $1.59, and revenues were reported at $13.76 billion, compared to expectations of $13.63.

The record results were driven by an improvement in gross profit margins from auto sales by 30.5%, as auto sales rose to $12.06 billion, and auto revenue costs reached $8.38 billion during the quarter.

Tesla also generated $806 million in revenue from its energy business, and $894 million in services and other revenue which includes vehicle maintenance and repair, auto insurance, and sales of Tesla-branded merchandise.

Tesla previously said that it delivered 241.3 thousand electric cars and produced 237.8 thousand cars during the period ending on September 30, 2021.

Unlike other automakers, Tesla's sales rose over the past quarter, setting a new record for the company, despite "chip shortages" and supply chain challenges affecting the industry.