Billionaire Elon Musk-owned Tesla reported a net income of $1.62 billion in the third quarter of 2021, which is five times more than it did this time last year.
“Operating income increased substantially year-on-year (YoY) mainly due to vehicle volume growth and cost reduction,” the company said in a statement.
“Positive impacts were partially offset by ASP decline, growth in operating expenses, lower regulatory credit revenue, additional supply chain costs, Bitcoin-related impairment of $51 million and other items,” it added.
In the third quarter, the company said it produced approximately 238,000 vehicles and delivered over 240,000 vehicles.
If this article helped you, please consider supporting our work. Every small contribution keeps Abijita.com independent and running.
