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Tesla has most profitable quarter yet on heels of HQ move to Austin

The Tesla Gigafactory is set to begin production next year. (Tesla)

Tesla's third-quarter profits were released on Wednesday afternoon and current richest-man-on-earth Elon Musk topped the charts since his high-profile transition to Austin.

Q3 held record-high deliveries for the electric vehicle manufacturer, despite chip shortages and supply chain issues. Revenue came in slightly shy of expectations but still yielded the most profitable quarter thus far for Tesla. Plus, adjusted earnings per share are also on the rise.

"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 in a statement. "We believe our supply chain, engineering and production teams have been dealing with these global challenges with ingenuity, agility and flexibility."

According to Tesla's update, the EV giant's Q3 revenue came in at $13.76 billion—a big year-over-year increase as Tesla recorded $8.77 billion in Q3 of 2020. The expectation was $13.9 billion and though the company came in just a few million lower, it was the company's ninth-straight profitable quarter.

Though earnings were a touch lower than expected, adjusted earnings per share came in at $1.86, where expected had been $1.67, and a year ago was 76 cents per share.

An accomplishment for Tesla this quarter was delivering more than 241,300 vehicles worldwide from its California factory—almost half of what the company delivered throughout all of 2020.

This Q3 update comes on the heels of Tesla's announcement that it would move its headquarters to the capital city. Additionally, the new Gigafactory in southeast Travis County is looking more complete by the day. While full-scale production isn't slated to start until 2022, the factory has already begun testing its robotic assembly line.


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