Tesla Inc. posted a second consecutive record quarterly profit, earning $1.62 billion in the third quarter despite the ongoing global semiconductor shortage and other supply-chain challenges.
Revenue jumped 57 percent to $13.8 billion, and automotive gross margins rose to 30.5 percent.
Tesla was aided by $279 million in sales of regulatory credits to rivals, although that number fell for the second straight quarter.
The automaker generated record global deliveries of 241,391 in the latest quarter, 73 percent more than a year earlier. Tesla said its average selling price decreased by 6 percent year over year as the lower-priced Model 3 sedan and Model Y crossover accounted for nearly all volume.
“Overall I’m very proud of what the team has accomplished and I’m excited for the next phase of growth into Q4 and 2022,” CFO Zach Kirkhorn said on a call Wednesday with investors. “The team has done a tremendous job of improving our financial health over a short period of time while also continuing to improve our precision and pace of execution.”
CEO Elon Musk did not join the call, as he has typically done in the past. He had mentioned last quarter that he would likely skip some calls in the future.