Thread by @jpr007

TESLA DELIVERS ANOTHER RECORD QUARTER

German auto expert Ferdinand Dudenhöffer was heavily impressed by the quarterly report :

"Tesla is bursting with power, and Grünheide hasn't even started yet," the industry expert said
n-tv.de/wirtschaft/Tes…

While other carmakers have to announce short-time work due to chip shortages, Tesla continues to defy the disruptions in global supply chains in the third quarter

The group posted its third quarterly profit in a row and achieved a record result in the process

Tesla earned more in the third quarter than it ever has in a quarter before, despite the global chip crisis and supply problems

In the three months to the end of September, profits rose +389% year-on-year to $1.6 billion (1.4 billion euros), star entrepreneur Elon Musk's company announced Wednesday after the U.S. stock market closed

Sales grew +57% to a record $13.8 billion

According to analysts, the e-car maker is more vertically integrated than its competitors, which is why it has come through the chip crisis better so far

The company also says construction of Tesla's European car factory in Grünheide, near Berlin, is proceeding as planned

"We expect to receive final approvals before the end of this year," the quarterly report said

Tesla had actually planned to begin production in Brandenburg in July, but bureaucratic disagreements delayed the schedule

Tesla, however, still expects the first Model Ys to roll off the assembly line before the end of the year

"Overall, I'm very proud of what the team has accomplished," Tesla CFO Zach Kirkhorn said during a conference call after the company presented its quarterly report

Both Grünheide and Austin, Texas, where another Tesla plant is under construction, are nearing the start of production, he said

However, the top manager warned that there are still major challenges ahead and that mass production is heavily dependent on the current difficult supply of components

"Tesla is bursting with power"

The e-car pioneer's quarterly figures significantly exceeded the expectations of most analysts

Investors nevertheless reacted cautiously, and the share even slipped slightly into negative territory during the after trading hours

Although the automotive industry as a whole has been suffering for months from a shortage of semiconductors, a shortage of containers, congestion at seaports and other bottlenecks in the supply chain, Tesla has so far coped relatively well

In the third quarter, the company delivered 241,391 vehicles to its customers, around +73% more than a year earlier

Auto expert Ferdinand Dudenhöffer was heavily impressed by the report, which showed the third record quarterly profit in a row

"Tesla is bursting with power, and Grünheide hasn't even started yet," the industry expert said

While Tesla's profit margins have been rising of late, the importance of emissions allowances, which other carmakers need to boost their emissions record, fell again

In the most recent quarter, Tesla thus turned over only $279 million of credits; in previous quarters, those revenues had been much higher