Despite chip shortage growth and profit for Tesla

Asia's Tech News Daily

Despite chip shortage growth and profit for Tesla

Partly as a result of this, the net result was almost five times higher than in the same period last year. Revenue rose 58% in the quarter to more than $12 billion. The company then posted a net profit of $1.6 billion.

Tesla did not make it through the quarter in which many industry peers had to cut production due to shortages of parts. “Various challenges, including chip shortages, port congestion and power outages, have hampered our ability to produce at full speed,” the company wrote to its shareholders.

Emission rights

Tesla produces its electric cars in Shanghai, among other places, where it mainly uses Chinese parts, which means that the profit margins there are higher. It is precisely at that location that CEO Elon Musk’s company was able to increase production.

Not only the sale of cars contributes to the good results. Because Tesla makes cars that do not emit CO2, the company gets free emission rights that it can sell to manufacturers of cars that run on fossil fuels. This earned the company $279 million in the quarter, which is 30% less than a year earlier.

Despite chip shortage growth and profit for Tesla | Financial
Source link Despite chip shortage growth and profit for Tesla | Financial

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