For Tesla, a U.S. electric vehicle company, the global semiconductor chip crisis is also a “other country.” Tesla posted record-high earnings in the third quarter following the second quarter of this year, surpassing $1 billion. Tesla is expected to continue its race for the time being by expanding its business area to the energy storage sector without complacency.
Tesla’s third-quarter earnings announced on the 20th (local time) showed net profit of $1.62 billion. AP explained that this is a five-fold increase from the same period last year ($331 million). It is the second time in history that Tesla’s quarterly net profit has exceeded $1 billion since the second quarter.
Regarding the achievements, the U.S. economic media CNBC analyzed that “the total sales of 30.5% in the automobile business and 26.6% overall were thanks to the improvement.” Tesla’s third-quarter sales reached $13.76 billion. Compared to the same period last year ($8.77 billion), it increased by 57%, exceeding the Wall Street estimate of $13.63 billion based on reflective tally.
Tesla recently achieved record results amid global supply of semiconductor chips. “Tesla overcame the semiconductor shortage and achieved sales beyond Wall Street expectations,” Reuters said.
Tesla said, “Various challenges such as semiconductor shortages, port congestion, and power outages are affecting the operation of the factory at full speed,” but confidently said, “We will achieve an average annual growth of 50% in the vehicle delivery sector.”
Tesla’s profits are not limited to electric vehicles. Tesla has generated $860 million in sales in its energy business that combines solar and energy storage products, CNBC said.
In addition, Tesla also generated $894 million in services and other profits, including vehicle maintenance and repair, auto insurance, and sales of Tesla brand products, according to a previous financial report. CNBC said, “In the case of energy and storage businesses, third-quarter profits are the highest in the last fifth quarter.”
However, the start date of cyber truck production, which is considered another “game changer,” was not mentioned again this time. This contrasts with Rivian and Ford, which have emerged rapidly as rivals, leading the market by introducing powerful electric pick-up trucks, respectively. Tesla unveiled its first cybertruck test model in 2019, but vehicles scheduled to be released within this year are still in a state of limbo.
Meanwhile, Tesla lost $51 million in connection with Bitcoin investment in the third quarter, which was reported as “restructuring and other” costs.