Tech

Tesla generated record $ 1.62 billion in revenue in the third quarter of 2021

Tesla remains at the top of the car game after its blockbuster sales (driven by Model Y and Model 3 electric vehicles) led EV companies to record profits in the third quarter of this year. increase. Tesla recorded net income of $ 1.62 billion in the third quarter of 2021, according to earnings and shareholder letters.

This is the green light for Elon Musk’s Boring, his infrastructure and tunnel construction services company, to expand the Las Vegas loop throughout the city and provide a new transit solution in Las Vegas (via Tesla vehicles over a network of tunnels). Because I got it. The loop now contains 29 miles of tunnels and 51 stations.

This is the second time the company has exceeded $ 1 billion in revenue in a quarter, a significant increase from the $ 331 million recorded in the same period in 2020. Stock prices fell 1.5% after business hours.

Tesla produced a record 237,823 EVs in the third quarter and delivered 241,391 electric vehicles. 96% of them consisted of Model 3 and Model Y cars. The 9275 vehicles consisted of Model X and Model S vehicles.

Tesla’s earnings per share (EPS) was $ 1.86 (estimated to exceed $ 1.59), but revenue surged to $ 13.76 billion (estimated to exceed $ 13.63 billion), up 56% from $ 8.77 billion in the year-ago quarter. Did. 15% of the $ 11.96 billion recorded in the second quarter of 2021. Operating profit increased from $ 809 million in 2020 to $ 2 billion in the third quarter of 2021.

Tesla also recorded gross profit of 30.5% in the automotive business and 26.6% overall. In the third quarter of 2021, automobile revenue was $ 12.06 billion (of which $ 279 million was from the sale of regulated credits) and automobile revenue was $ 8.38 billion. Revenue from the energy business was $ 806 million, with services and other revenue (including vehicle maintenance and repair, auto insurance and sales of Tesla branded products) generated $ 894 billion.

“The third quarter of 2021 was a record quarter in many respects. We achieved record highs in net income, operating income and gross income. In addition, the operating margin reached 14.6%, which is medium-term. The company said it exceeded the guidance of “operating profit margin in the early teens.”

Tesla said in a shareholder letter that cash and cash equivalents at the end of the quarter were $ 16.1 billion, driven primarily by net debt and finance lease repayments of $ 1.5 billion, resulting in a net cash balance of $ 1.3 billion. It states that it was partially offset by. In addition, total liabilities, excluding vehicle and energy product financing, fell to $ 2.1 billion at the end of the third quarter.

This can happen even if issues such as global shortages of semiconductors, port congestion, and rolling blackouts “affected the ability of factories to keep them running at full speed.” Despite these challenges, Tesla aims to achieve 50% annual growth in vehicle delivery.

Tesla generated record $ 1.62 billion in revenue in the third quarter of 2021

Source link Tesla generated record $ 1.62 billion in revenue in the third quarter of 2021

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