Billionaire Elon Musk-owned Tesla reported a net income of $1.62 billion in the third quarter of 2021, which is five times more than it did this time last year.
“Operating income increased substantially year-on-year (YoY) mainly due to vehicle volume growth and cost reduction,” the company said in a statement.
“Positive impacts were partially offset by ASP decline, growth in operating expenses, lower regulatory credit revenue, additional supply chain costs, Bitcoin-related impairment of $51 million and other items,” it added.
In the third quarter, the company said it produced approximately 238,000 vehicles and delivered over 240,000 vehicles.
