Profits increased in Tesla's third quarter, but it comes along with bad news

Tesla has been having quite interesting times when it comes to profit increase for the last couple years. The company has announced its new third quarter results.

The global problems has affected everyone including big companies such as Tesla. Tesla's quarterly revenue fell to $21.45 billion, down from $21.96 billion due to globally rising problems. Tesla has been also affected by rising transportation costs, "raw material cost inflation," persistent component shortages, and a strengthening dollar.

Profits increased in Tesla's third quarter!

tesla quarter report
However, the electric vehicle manufacturer was still able to break production records at all of its plants.In the third quarter, Tesla produced 365,923 vehicles but only delivered 343,830, as stated in the company's quarterly production report. This past quarter, the company's revenue from automotive sales reached $18.69 billion, a 55% increase from the previous year. CNBC reports that values of Tesla stock have decreased by more than 17% since the publication of that report and by more than 5% since the release of Tesla's earnings at market close on Wednesday.

In addition, Tesla's Director of AI, Andrej Karpathy, left the company in Q3 after leading the company's ADAS development for half a decade. "It looks like we'll have an epic end of year," Tesla CEO Elon Musk stated during the investor call, despite these most recent losses. However, Tesla did see its profits double over the course of the past year to $3.29 billion. "Musk also gave an update on the Full Self-Driving beta's widespread availability by saying "We're expecting to release the full self-driving software to anyone who orders the package by the end of this year."

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