Earnings Results: Tesla says supply-chain snags kept the factories from using ‘full speed’

Tesla Inc. reported churned quarterly gain late Wednesday, observant that chip shortages and other supply-chain hurdles kept a factories from using during full speed.

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pronounced it warranted $1.6 billion, or $1.44 a share, in a third quarter, compared with $331 million, or 27 cents a share, in a year-ago period. Adjusted for one-time items, a EV builder warranted $1.86 a share.

Revenue rose 57% to $13.8 billion, from $8.8 billion a year ago.

Analysts polled by FactSet approaching Tesla to news practiced gain of $1.62 a share on sales of $14 billion.

“A accumulation of challenges, including semiconductor shortages, overload during ports and rolling blackouts have been impacting a ability to keep factories using during full speed,” a association pronounced in a statement. Shares of Tesla fell some-more than 1% in a extended event Wednesday, after finale a unchanging trade day adult 0.2%.

Tesla Chief Executive Elon Musk astounded investors progressing this month by announcing Tesla was relocating a domicile to Austin, Texas, from Palo Alto, Calif., notwithstanding a goal to continue to enhance a Fremont, Calif., factory.

Musk was vocalization during a Tesla’s shareholder meeting, and he also updated investors about a timing of some of Tesla’s new vehicles and about a “constant struggle” to get adequate chips and other automobile parts.

Musk reiterated expectations that prolongation of a Tesla Cybertruck, an all-electric pickup, will start subsequent year and strike volume prolongation by 2023.

Tesla’s blurb truck, a Semi, and a redesigned Roadster, a oppulance sports car, also are approaching in 2023, he said. Tesla and other companies are expected to be by a supply-chain shortages by 2023, Musk said.

Tesla batch has gained 23% so distant this year, compared with gains of around 21% for a SP 500 index
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