Tesla Reports 56.85% Revenue Increase in Q3 2021

Tesla reported US$13.75 billion in revenue for Q3 2021, a 56.85% year-on-year (YoY) increase. According to CNBC International, this slightly exceeded analysts' projections of approximately US$13.63 billion.

The automotive and energy storage company also recorded a net profit of US$1.62 billion in Q3 2021. This marks the second time Tesla has reported a net profit exceeding US$1 billion.

This record was driven by a 30.5% gross margin in the automotive business and 26.6% overall. Automotive revenue reached US$12.06 billion, with automotive cost of revenue at US$8.38 billion during the quarter.

Elon Musk's company also generated US$806 million in revenue from its energy business. Furthermore, it earned US$894 million from other services, including vehicle maintenance and repair, car insurance, and sales of Tesla-branded merchandise.

Tesla sold 241,391 vehicles in Q3 2021. Over 96% of its sales this quarter came from the Model 3 and Y.

Despite posting record-breaking and satisfactory revenue and net profit, Tesla still cited supply chain issues, such as semiconductor shortages and port congestion delays. These factors are considered to have impacted the company's ability to increase electric vehicle production amidst rising demand.