American carmaker Tesla Inc. posted a record-high net income in the third quarter as revenues surged by double digits, the company reported in a filing.

  • Net income surged 389% to $1.618 billion from the previous year’s $331 million, and up from the $1.142 billion in the second quarter. Diluted earnings per share soared 433% to $1.44 from $0.27 in the same period in 2020.
  • Revenues for the quarter climbed 57% to $13.757 billion from $8.771 billion, higher than $11.958 billion the previous quarter. Growth was attributed to the increase in vehicle deliveries.
  • Total deliveries for the quarter jumped 73% to 241,391 units from 139,593 units last year and 201,304 units the previous quarter. Model 3/Y deliveries gained 87%, while Model S/X deliveries slipped 39%.
  • Tesla said the demand for electric vehicles continues to go through a structural shift and believes more units are set to be on the road and push production higher.

Tesla flagged challenges, such as the ongoing semiconductor shortage, congestion at ports, and rolling blackouts. TSLA is down 1.42% premarket.