/ 22 October 2021

Tesla revs up the profit

FILE - In this March 14, 2019, file photo, Tesla CEO Elon Musk speaks before unveiling the Model Y at the company's design studio in Hawthorne, Calif. In the runup to Tesla Inc.’s 2016 acquisition of SolarCity, Elon Musk called the combination a “no brainer,” a one-stop shop for electric cars and the solar panels to recharge them. On Monday, July 12, 2021, the Tesla CEO will have to defend the $2.5 billion deal under oath in a shareholder lawsuit alleging conflicts of interest. (AP Photo/Jae C. Hong, File)
Image source: AP

Despite facing a global computer chip shortage and other supply issues, electric vehicle (EV) giant Tesla has posted a record-smashing profit of US$1.62 billion for the July-September quarter. The boost was driven (hehe…) by the record-breaking sale of 241,300 EVs. In a statement to shareholders, the company said it has addressed “global challenges” with “ingenuity, agility and flexibility that is unparalleled in the automotive industry”. And as it builds a new HQ in Texas, the company said it expects sales to grow an average of 50% annually – a rate any established company would be happy with.

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