Tesla Inc. reported third quarter earnings that surpassed expectations. The electric vehicle maker also generated one of the widest profit margins in its history.
Tesla’s non-GAAP earnings for the three months ending in September surged +135% from the year-ago quarter to $1.86 per share, well above the Street consensus forecast of $1.59 per share.
Revenues rose +56.8% year-over-year to a record $13.757 billion, beating analysts' expectation of $13.6 billion.
Gross automotive margins for the quarter were 30.5%, rising +290 basis point year-over-year.
“EV demand continues to go through a structural shift. We believe the more vehicles we have on the road, the more Tesla owners are able to spread the word about the benefits of EVs," the company mentioned in a statement. "While Fremont factory produced more cars in the last 12 months than in any other year, we believe there is room for continued improvement. Additionally, we continue to ramp Gigafactory Shanghai and build new capacity in Texas and Berlin."
"A variety of challenges, including semiconductor shortages, congestion at ports and rolling blackouts, have been impacting our ability to keep factories running at full speed," the company added. "We believe our 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."