Tesla Inc. Earnings Report (Q3 2021)

Tesla’s Q3 2021 results are in – reporting a solid set of financial numbers.
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Tesla Car

Tesla Motors Inc.’s third quarterly earnings report of the year has been released, and its another record-breaking set of figures. Here are the numbers.

Revenue from the automotives sector was $12bn, up from $10bn in Q2 and 58% year on year. Only $279m of revenue stems from regulatory credits, down 30% year on year.

Total revenue streams came in at $13.7bn, up from $11.9bn last quarter, representing a 57% increase year on year. Analysts expected a total of $13.6bn in revenue for Tesla.

“Total revenue grew 57% YoY in Q3. This was primarily achieved through growth in vehicle deliveries, as well as growth in other parts of the business. At the same time, vehicle ASP declined by 6% YoY as the Model S and Model X mix reduced YoY in Q3 due to product updates and as lower ASP vehicles became a larger percentage of our mix”, Tesla said.

Total gross profit increased from $2.8bn last quarter to $3.6bn – an increase of 77% year on year.

Operating expenses slightly increased to $1.6bn, up roughly $80m from Q2 2021.

Earnings per share (EPS) increased significantly, up to $1.88 per share (Q2 EPS was $1.45). This represents a 148% increase in EPS year on year. Analysts expected around $1.59 earnings per share.

Tesla’s energy business, which includes solar roofs and energy storage solutions, generated $806m in revenue but also $803m in revenuc costs in this sector, the highest in five years.

Tesla said these costs were due to “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.”

As a result of the earnings, Tesla’s share price fell around $12 (1.4%), and currently trades at $853 pre-market Thursday morning (October 21).

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