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Tesla Drives in Earnings, Revenue Beat in Q3

Published 10/21/2021, 04:26 AM
Updated 10/21/2021, 04:26 AM
© Reuters.

© Reuters.

By Yasin Ebrahim

Investing.com - Tesla reported Wednesday third-quarter results that topped analyst as higher margins and deliveries boosted performance. 

Tesla (NASDAQ:TSLA) shares gained 0.84% in after-hours trade following the report.

Tesla announced earnings per share of $1.86 on revenue of $13.76 billion. Analysts polled by Investing.com anticipated EPS of $1.52 on revenue of $13.57 billion.

Regulatory credit revenue fell 30% to $279M.

Tesla reported deliveries of 241,300 electric vehicles, and produced 237,823 of them for the period.

Vehicle average selling price declined by 6% year-on-year, but automotive margins continued to improve, rising to 30.5% in Q3 from 28.4% in Q2, and up 281 basis points from the same period a year earlier.

The fall in prices were blamed on a decline in Model S and Model X mix year-on-year in Q3 due to "product updates and as lower ASP vehicles became a larger percentage of our mix."

The company's exposure to bitcoin was a drag in the third-quarter, leading to a $51 million impairment, compared to the $23 million impairment in the prior quarter.

Looking ahead, the company said its Berlin gigafactory was on track to receive final permit approval before year end.

 

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