Tesla Smashes Previous Record for Quarterly Profit Despite Production Difficulties

Tesla 2022 projects 6 photos
Photo: Via Electrek
Tesla SEMITeslaSEMITesla RoadsterTesla CybertruckTesla Model S Plaid interior
Despite lots of attention on controversies surrounding products like the Cybertruck and Full Self Driving Beta, Tesla is pushing ahead faster than ever after announcing its most profitable quarter ever.
Tesla's old record for profit in a single quarter stood at $1.14 billion. That was set in Q2 of this very year. Last year in Q3, the company only managed a profit of $331 million.

Those are just two reasons why the new record of $1.6 billion is so impressive. Analysts expected a profit per share of $1.62. Instead, Tesla bested that number by 0.14 cents and landed at $1.86 per share.

Of course, production was the main contributing factor. Tesla delivered 241,300 vehicles during quarter 3, another record for the Texas-based company.

A new factory in Austin, Texas, is said to be already producing pre-production vehicles. Once it's running at full capacity, both the Cybertruck and the Model Y will roll off the Austin production lines.

That will be helpful too. Last year in total, 499,550 Teslas found their way into new homes. This year that number has grown to 627,550 already, and we still have a full quarter to go.

What's even more amazing is that the profit comes despite serious challenges. The company detailed those challenges in a statement "semiconductor shortages, congestion at ports and rolling blackouts, have been impacting our ability to keep factories running at full speed. 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.

Some of the profits, $279 million in total, came from selling regulatory credits to other brands. Nevertheless, this is a big step forward for Tesla as they continue to push forward despite setbacks.

We're still waiting on a production Cybertruck, actual full self-driving technology, robotaxis, the new Roadster, the Tesla SEMI... ok we're going to stop.
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