Tesla Q3 2021 results released; Meets expectations after the Sublime Quarter

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Earlier this year, the Model 3 became the best-selling executive sedan in the world.

Tesla had a stellar quarter of business and weathered the semiconductor crisis well

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Tesla had a stellar quarter of business and weathered the semiconductor crisis well

New technics

Tesla delivered the goods in its third quarter 2021 earnings report with revenue of $ 13.76 billion, which is slightly lower than the high expectations of Wall Street analysts who expected a figure of $ 14 billion business.

“The third quarter of 2021 was a record quarter in many ways. We achieved our best net profit, operating profit and gross profit in our history. In addition, we achieved an operating margin of 14.6%, beating our medium-term guidance for teenage margins, ”the electric car maker said in its announcement.

Notably, Tesla’s automotive gross margins improved 30% in this quarter despite supply chain cost pressure as the world continues to suffer from a global semiconductor crisis. Tesla engineers quickly rewrote the code for new parts, which helped the company weather the crisis well.

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But despite these improving margins, Tesla’s cash flow actually shrank due to debt repayment.

Quarter-end cash and cash equivalents decreased to $ 16.1 billion in the third quarter, mainly due to net debt and finance lease payments of $ 1.5 billion, partially offset by cash flows. free cash flow of $ 1.3 billion. Our total debt excluding financing of vehicles and energy products fell to just $ 2.1 billion at the end of the third quarter, ”the company said in its letter to shareholders.

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This quarter, Tesla started selling the Model S Plaid which was successful, apart from opening its Berlin Gigafactory which began rolling out Tesla Model Y units. Earlier in the year, the Model 3 was launched. become the best-selling executive sedan in the world, but Tesla believes the Model Y will exceed sales at some point.

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