Tesla’s (NASDAQ:TSLA) third-quarter for 2021 saw the electric car maker post $13.757 billion in revenue. The results, which were discussed in the Q3 2021 Update Letter, were released after the closing bell on Wednesday, October 20.
Tesla was impressive in the third quarter, with the company producing a total of 237,823 vehicles. This was quite a feat considering the ongoing supply chain challenges that have so far adversely affected numerous carmakers today. The company also delivered a record 241,300 vehicles, comprised of 232,025 Model 3 and Model Y, as well as 9,275 Model S and Model X.
The company’s Q3 2021 results were bolstered in part by Tesla’s growing influence in China. Gigafactory Shanghai has so far become Tesla’s primary vehicle export hub, and it stayed true to this task by exporting both the Model 3 and the Model Y to foreign territories such as Europe and Asia. Deliveries of the high-margin Model S Plaid and Long Range also continued in the third quarter.
The following are the key points in Tesla’s Q3 2021 Update Letter. In its letter, Tesla noted that Q3 2021 marked a time when the company achieved its best-ever net income, operating profit, and gross profit.
Revenue
Tesla posted $13.757 billion in revenue for Q3 2021. In comparison, FactSet analyst consensus estimated that Tesla would be posting revenue of $13.7 billion for the third quarter. Estimize, on the other hand, forecasted $13.9 billion in revenue for the EV maker.
Earnings
Tesla posted earnings per share (EPS) of $1.86 in the third quarter. In comparison, analysts polled by FactSet expected the company to report adjusted earnings of $1.58 per share. Estimize forecasted an EPS of $1.79 per share for Tesla in Q3 2021.
Cash
Tesla’s operating cash flow less CAPEX stood at $1.3 billion in Q3 2021, while net debt and finance lease repayments reached $1.5 billion. Overall, Tesla saw a $164 million decrease in its cash and cash equivalents in the third quarter to $16.1 billion.
Profitability
Tesla posted $2 billion GAAP operating income and 14.6% operating margin in Q3 2021. The company also posted $1.6 billion of GAAP net income and $2.1 billion non-GAAP net income in the third quarter. Automotive gross margin stood at 30.5% GAAP (28.8% ex-credits) in Q3 2021.
Tesla’s Q3 2021 Update Letter could be accessed below.
TSLA Q3 2021 Quarterly Update by Simon Alvarez on Scribd
Disclaimer: I am long TSLA
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