As the electric vehicle market continues to grow, Tesla has been enjoying record gains. The company enjoyed a revenue growth of 57% year on year.
The company announced an operating income of $2 billion (£1.45bn) which can be attributed to vehicle volume growth and cost reduction. The automaker also achieved an operating margin of 14.6%.
“EV demand continues to go through a structural shift. We believe the more vehicles we have on the road, the more Tesla owners are able to spread the word about the benefits of EVs,” Tesla said.
The Fremont factory was the best performing plant, producing more than 430,000 vehicles in the past year. Deliveries were up as well, with total of 241,391 cars in the third quarter of 2021 compared with just 139,593 in the same period in last year.
“While Fremont factory produced more cars in the last 12 months than in any other year, we believe there is room for continued improvement,” Tesla said. “Additionally, we continue to ramp Gigafactory Shanghai and build new capacity in Texas and Berlin.”
Despite the uptrend, Tesla faced some challenges during the quater including the supply chain issues facing other key manufacturers, like Toyota, around the globe.“A variety of challenges, including semiconductor shortages, congestion at ports and rolling blackouts, have been impacting our ability to keep factories running at full speed,” Tesla said. “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.”
In a hopeful note, the company forecasts a 50% growth in future car deliveries, including the highly anticipated Cybertruck by the end of 2022.
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