The electric vehicle maker scored a more than doubling of profits in the third quarter to $3.3 billion on increased auto deliveries READ:
of electric vehicle demand, chief executive Elon Musk’s embattled Twitter transaction and other issues.
The company flagged battery supply chain bottlenecks as a constraint on EV growth and noted that logistics volatility was an “improving” challenge. ADVERTISEMENTThe results follow Tesla’s disclosure earlier this month that deliveries and production grew solidly in the third quarter after diving in the prior period due to a coronavirus-related factory closure at the company’s Shanghai plant.
Tesla is working on smoothing out a “crazy delivery wave” at the end of each quarter, Musk told analysts. Another question concerns whether Musk’s company will continue to remain immune to macroeconomic concerns, especially inflation. In the most recent move in the takeover saga, a Delaware judge suspended litigation between the parties to allow time to finalize the $44 billion transaction.
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