Tesla Q3 2021 Earnings: Record $1.6 Billion Net Income, $13.7 Billion Revenue

by

TRENDING NOW

Tesla has just released its Q3 2021 earnings, achieving the company’s best-ever net income, operating profit and gross profit.

The company saw $1.618 billion in GAAP net income from $13.757 billion in total revenues.

“We achieved our best-ever net income, operating profit and gross profit. Additionally, we reached an operating margin of 14.6%, exceeding our medium-term guidance of “operating margin in low-teens”,” said Tesla in a press release.e

Tesla says “this level of profitability was achieved while our ASP2 decreased by 6% YoY in Q3 due to continued mix shift towards lower-priced vehicles.”

The company added, “our operating margin reached an all-time high as we continue to reduce cost at a higher rate than declines in ASP. 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.”

Tesla says its total revenue increased 57% year-over-year in Q3, due to growth in vehicle deliveries and in other parts of the company’s business.

Operating income “increased substantially” year-over-year, due to vehicle volume growth and cost reduction.

Tesla has $16.1 billion in cash and cash equivalents in Q3, with total debt (excluding vehicle and energy product financing) has decreased to $2.1 billion at the end of the third quarter.

The record quarter for Tesla was impressive given the global semiconductor shortage and parts supply chain pressures.

Tesla’s Q3 earnings and revenue beat Wall Street estimates (via CNBC):

  • Earnings per share (adjusted): $1.86 vs $1.59 expected per Refinitiv
  • Revenue: $13.76 billion vs $13.63 billion expected per Refinitiv

In Q3, Tesla produced 8,941 Model S/X vehicles and 228,882 Model 3/Y vehicles, a 64% increase year-over-year, led by the latter.

The company delivered 9,289 Model S/X vehicles and 232,102 Model 3/Y vehicles, for a total of 241,391 overall vehicle deliveries, a record for the company, an increase of 73% year-over-year.

There are now 630 Tesla store and service locations as of Q3, a 35% increase YoY. The mobile service fleet now stands at 1,190, a 43% increase YoY.

…developing, more to follow

Click here to follow us on Twitter (@RealTeslaNorth) for the fastest news updates. Have a news tip to share? Send us a DM on Twitter or email tips@teslanorth.com.
Previous

A Tesla in Singapore Now Costs More to Own, Due to Rising COE Prices

Tesla Supercharger Stations Increase 49% Year-over-Year in Q3

Next