Tesla profits surge on higher auto sales despite chip shortage
- Date: 22-Oct-2021
- Source: Jordan Times
- Sector:Financial Markets
- Country:Middle East
Tesla profits surge on higher auto sales despite chip shortage
NEW YORK — Tesla's third-quarter profits more than quadrupled on ‘sharply’ higher sales despite a global semiconductor shortage that has plagued the auto industry, according to company results released on Wednesday.
Elon Musk's electric car company posted a record profit of $1.6 billion for the three-month period, as revenues surged 57 per cent to $13.8 billion compared to the year-ago period.
Tesla also delivered a record 241,391 vehicles during the period, with sales significantly ramping up in North America and China.
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