Tesla has posted record net income, operating profit ($2bn) and gross profit for the third quarter. It also said it reached an operating margin of 14.6%, exceeding its medium-term guidance of “operating margin in low-teens”. Adjusted EBITDA was $3.66bn versus $2.88bn in Q2.
The company also noted that its high level of profitability was achieved while average selling price decreased by 6% YoY in Q3 due to continued mix shift towards lower-priced vehicles.
Tesla said that despite challenges including semiconductor shortages, congestion at ports and rolling blackouts, its supply chain, engineering and production teams have been dealing with these global challenges ‘with ingenuity, agility and flexibility that is unparalleled in the automotive industry’.
Total Tesla production in Q3 was 237,823 units, which compares with 206,421 in Q2 and 145,000 in Q3 2020.
Tesla said production lines were running as close to full capacity as conditions allow and that the Texas gigafactory is progressing as planned, with equipment commissioned and the fabrication of the first pre-production vehicles.
Production in China has ‘ramped well’ and the Berlin buildout ‘remains on track’ with final permit approval expected before the end of the year.