Tesla Q3 earnings up although some issues may continue

Supply shortages, logistics challenges and rising costs may dog Tesla going into the fourth quarter of the year, but its chief executive Elon Musk remains upbeat.

That’s after third quarter (July-September) earnings of US$21.45 billion revenue was reportedly 35% more than or the same period last year, and 343,000 EVs were delivered in the quarter, up 40% on the same time in 2021.

Tesla recorded US$3.33 billion net income, but shares fell by up to 5% after the Q3 announcement amid concerns about the global economy and continuing problems.

However, Tesla expects deliveries of its Semi electric truck to start in the US in December with some 50,000 expected there in 2024, while the Cybertruck ute is likely to be produced from mid-2023 although Tesla offered no time frame on the latter.

Musk says excellent demand for Tesla EVs will continue in the fourth quarter of this year with Tesla likely to sell every vehicle it makes, while factories are all running at full speed.

A smoother delivery pace is planned by Tesla.

Musk also sees the potential for Tesla to be worth more than Apple and oil producer Saudi Aramco combined.