Tesla bucks chip shortage woes with another profitable quarter
Tesla’s record third quarter brought its biggest three-month windfall ever, as the company announced Wednesday that it turned a $1.6 billion profit. That’s despite a global semiconductor shortage and delays in the rollout of the refreshed Model S sedan and Model X SUV.
Tesla turned that profit on just over $13.7 billion in revenue, and did it while its average sales price continued to drop due to the increasing popularity of the more affordable Model 3 sedan and Model Y SUV.
Tesla has also continued to increase the profitability of those vehicles. The company said Wednesday that the gross margin on its cars is up to nearly 30 percent — a figure it has reached in large part thanks to its efforts in China, as it recently started exporting...