Tesla posts record earnings

Tesla has posted record quarterly net earnings thanks to a high sales of electric vehicles.

The news comes despite global supply chain issues leading to a shortage of computer chips.

Tesla posted $1.62bn profits, which is higher than the $1.14bn profits it made in the second quarter of this year which was the previous record.

Jesse Cohen, senior analyst at Investing.com, said: “Elon Musk delivered another terrific quarter as Tesla continues to execute flawlessly.”

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“It has done an outstanding job navigating through global supply chain and logistics challenges, weathering the storm significantly better than rival automakers.”

Despite industry shortages, the company sales were up 72% compared to the same period last year.

“A variety of challenges, including semiconductor shortages, congestion at ports and rolling blackouts, have been impacting our ability to keep factories running at full speed,” said Tesla in a statement.

“We believe our supply chain, engineering and production teams have been dealing with these global challenges with ingenuity, agility and flexibility that is unparalleled in the automotive industry.”

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