The company said its third-quarter net income rose 389%. However, the manufacturer's shares declined after the release of reports.
Tesla has published a report for the third quarter of 2021. The company reported an almost fivefold increase in net income over the same period last year. The company earned $ 1.618 billion on GAAP, the third consecutive profit. A year earlier, the figure was $ 331 million.

Elon Musk's company also achieved record revenue growth. In three months, total revenue increased 57% to $ 13.76 billion.

Tesla's automotive division's revenue rose 58% to $ 12.02 billion. It is noteworthy that the company was able to reduce the share of statutory loans in revenue to 2.3% or $ 279 million. In the previous quarter, they amounted to 3.5% or $ 354 million.
Production of electric cars in the company grew by 64%, to 273.8 thousand units - despite the shortage of chips and supply chain problems affecting the industry.

In early October, the company announced record growth in electric vehicle sales, with Tesla shipped 241,300 vehicles in just the third quarter, up 73% from a year earlier and 20% more than in the second quarter. A significant part of this amount was made up of cars produced in China - 56 thousand units in September this year alone.
Tesla is more vertically integrated than its competitors, according to analysts polled by The Wall Street Journal, helping the company better manage chip shortages.

According to the average forecast of analysts surveyed by FactSet, in the fourth quarter, electric vehicle shipments in Tesla will continue to grow and reach 266 thousand. last year, when it delivered almost 500 thousand electric cars.
Despite the record results, Tesla shares fell 1.62% on the postmarket on October 20, to $ 851.8 per share.

According to Tesla CFO Zachary Kirkhorn, the company is trying to maximize production capacity, but cannot do it fast enough. “Due to a shortage of parts and variability in logistics, we have not been able to get our factories running at full capacity,” the CFO said, adding that customers have to wait longer for vehicles. Kirkhorn also said that "production in the fourth quarter will be highly dependent on the availability of spare parts."

Tesla didn’t make the long-awaited announcement of the production of Cybertruck trucks, noting only that this will happen after the start of production of the Model Y in Austin, where Tesla is building a new car assembly plant.