Tesla bucks chip shortage woes with another profitable quarter
Tesla’s record third quarter brought its biggest three-month windfall ever, as the company announced Wednesday that it turned a $1.6 billion profit. That’s despite a global semiconductor shortage and delays in the rollout of the refreshed Model S sedan and Model X SUV.
Tesla turned that profit on just over $13.7 billion in revenue, and did it while its average sales price continued to drop due to the increasing popularity of the more affordable Model 3 sedan and Model Y SUV. Tesla has also continued to increase the profitability of those vehicles — the company said Wednesday that the gross margin on its cars is up to nearly 30 percent.
Tesla’s success in the quarter stands in stark relief from the trouble other automakers have faced…