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Home Tech Automobiles

Tesla Q3 2021 earnings call announced its best ever net income

by Meghana Kandra
October 21, 2021
in Automobiles, Cars, Electric Vehicles, News
Reading Time: 2 mins read
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Tesla Q3 2021 earnings call announced its best ever net income
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Tesla’s Q3 2021 earnings call had some interesting updates. The company announced its best-ever net income, gross profit, and operating profit. Also, the year-over-year ASP decreased by 6%. Additionally, there are many notable milestones achieved by Tesla this time.

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Tesla, Inc. TSLA Q2 2021 Earnings Call Transcript - Rev
Image credits- Rev

The Fermont factory produced 430,000 vehicles in the last four quarters including Q3 2021 and the production continues to improve. Furthermore, Tesla Giga Shanghai has also ramped up its production of Model 3 and Model Y. Meanwhile the other factories of Tesla in Texas and Berlin are under construction and are yet to start their production. As they are expanding their sales, the company is also working on their energy sector, from charging stations to the solar roof.

  • Tesla successfully had nine profitable quarters. Last quarterly earnings call, Elon Musk did mention that he wouldn’t be attending these sessions. However, as there were many things that needed to be addressed, it was thought Musk would be present. In the end, it was only Zach and Drew. While the preliminaries were done by Martin Viecha.
  • Zach initially addresses Tesla’s progress. Mentions that Tesla officially achieved the production rate of 1 million cars per year. Also, the company doubled in its deliveries, yet is challenged with the supply chain shortage. Tesla energy storage, Powerwall, and Megapack production are also said to be improved.

Production updates

  • Giga Berlin and Giga Texas are yet to start production. Meanwhile, the development of the $25k car is also progressing. They announced that the expected release of the vehicle is 2023. However, Tesla’s main focus is on the making of Cybertruck and Model Y.
  • The most curious aspect, Tesla’s FSD program was also addressed. The CTO stated that the amount of data is not their focus but is about how quickly the data can be processed. Considering how Tesla’s FSD has and also had enough users in the past, quickness is another aspect to consider. Then comes the importance of Tesla’s project Dojo.
  • Kirkhorn stated that Tesla’s goal is to grow at a pace of 50% every year. Both Austin and Berlin factories are located in such locations that the production could be expanded. The CFO quoted that they estimate the production for these factories to be 10,000 vehicles per week.

In the end, the earnings call notes about the safety regulations that limit or push Tesla’s advancement. Noting that there is the possibility of tightening of regulations, Tesla is having a positive view of its future. Other issues like the Supercharger wait times and service issues were also noted by the company. They state that service footprint increased by 35%, where mobile service increased by 40%. However, the company has a long way to have more developments. Later they answer some questions by Tesla investors. The discussion ends with a positive note.

Tags: Cybertruckelectric vehiclesElon MuskGiga BerlinGiga TexasModel XModel YTeslaTesla earnings callTesla Q3 2021
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Meghana Kandra

Meghana studied PGD in Journalism, open university. She has more than five years of experience in content writing, from creative content development to online journalism. Electric vehicle enthusiast, engineer, and feminist.

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