Tesla continued to have a record 3rd consecutive quarter of profit when not much affected by the chip shortage in the automotive industry.
The U.S. electric car maker delivered 73 percent more vehicles in the third quarter than in the same period last year. The company recorded record revenues of $13.8 billion and profits of $1.6 billion. These results all exceeded Wall Street’s previous predictions – revenue of $ 13.6 billion, profit of $ 1.3 billion.
The foundation for this growth is vehicle sales made in China , where Tesla has the largest vehicle production. Tesla says it also benefits from cutting some costs.
Daniel Ives, technology analyst at Wedbush Securities, said Tesla’s positive results are indicative of a growing shift of customers toward electric vehicles. “These delivery numbers, combined with impressive profits speak to show a trend in electric vehicle demand that looks pretty strong for Tesla in the fourth quarter and 2022,” Ives said.
Analysts expect Tesla’s vehicle deliveries to continue to grow in the current quarter to about 266,000, according to FactSet. The unit also predicts Tesla will hand over nearly 900,000 vehicles to customers by 2021. Tesla said it was aiming to increase deliveries by more than 50 percent out of nearly half a million vehicles last year.
At the same time, the U.S. electric car maker is planning to lay the groundwork for further growth when it begins production at two new plants by the end of the year, including one in Austin, Texas, where the company is moving its headquarters, and one near Berlin.
CEO Elon Musk said at the company’s annual shareholder meeting earlier this month that component shortages caused delays in delivering Tesla products. The company postponed production of the Cybertruck pickup for about a year. Production of this model is likely to begin by the end of 2022.
Source: vnexpress.net