Tesla Q3 2021 Earnings: Record Profits & 241,300 Vehicle Deliveries Unveiled
Explore Tesla's impressive Q3 2021 financial performance, featuring record profits and significant vehicle delivery growth amid supply chain challenges.
Tesla Inc. (TSLA) surpassed earnings expectations in Q3 2021 but slightly fell short on revenue projections.
Highlights from Tesla's Q3 2021 Results
- Tesla delivered 241,300 vehicles in Q3 2021, marking substantial growth compared to the previous year.
- This surge in deliveries reflects rising demand for Tesla’s electric vehicles and the company’s expanding production capabilities.
- Q3 marked a new milestone with Tesla achieving record quarterly revenue and profits.
Source: Analyst consensus data from Visible Alpha
In-Depth Analysis of Tesla’s Q3 2021 Financial Performance
In its Q3 2021 earnings report, Tesla posted mixed results. Adjusted earnings per share (EPS) soared by 144.7% year-over-year, beating analyst forecasts. Meanwhile, revenue increased by 56.8% year-over-year, reaching an all-time quarterly high, though it narrowly missed analyst estimates. Tesla also set a new record for quarterly profits. Vehicle deliveries, announced earlier, stood at 241,300 units. Despite these strong fundamentals, Tesla’s stock dipped less than 1% in after-hours trading. Over the past 12 months, Tesla shares have delivered a remarkable total return of 105.2%, significantly outperforming the S&P 500’s 31.8% return.
Vehicle Delivery Growth Driving Revenue Expansion
Tesla’s vehicle deliveries surged 73.2% year-over-year, fueling the company’s revenue growth. As Tesla’s core business revolves around electric vehicle manufacturing, scaling production remains essential for sustained revenue and profit growth. However, Tesla faces ongoing supply chain disruptions, including semiconductor shortages, port congestion, and rolling blackouts, which have challenged factory operations.
Looking ahead, Tesla aims for an average annual vehicle delivery growth rate of 50% over multiple years. The competition in the electric vehicle market is intensifying, with Volkswagen AG emerging as Europe’s leading all-electric vehicle manufacturer in 2020. Through the first half of 2021, Tesla held a global plug-in electric vehicle market share of approximately 14.6%, followed by Volkswagen at 12.5% and General Motors at 8.6%.
Tesla’s next quarterly earnings report for Q4 2021 is anticipated on January 25, 2022.
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