Tesla Inc (NASDAQ: TSLA) – the electric vehicle and battery manufacturer famously helmed by Elon Musk – has just reported its earnings for the quarter ending 30 September 2021.
Tesla is one of the most widely followed shares in the world for a number of reasons.
It's an undisputed corporate leader in the fight against climate change, with its stable of zero-emissions vehicles and solar battery technology for one.
Musk's eccentric leadership style is another. Although Musk has made some controversial statements and moves in the past, most investors can't deny his achievement in steering Tesla to become the first new global automotive heavyweight in decades.
And of course, we have the Tesla share price itself. Tesla really exploded into the investing consciousness when its shares went on a rip-roaring run a few years ago. Tesla shares are up an incredible 1,500% over the past 2 years alone, more than enough to draw the attention of a few eyeballs.
So, how did this company go in the latest quarter?
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Tesla drives through to record deliveries
Well, in terms of deliveries, unquestionably well. Tesla reported global deliveries of 241,300 vehicles for the quarter, a new all-time record for the company.
In terms of revenue, Tesla reported US$13.8 billion in sales. That's up from US$11.96 billion in the previous quarter, and a 57% increase year on year (YoY).
Total gross profits were US$3.66 billion, up from US$2.88 billion in the prior quarter, and up 77% YoY.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) hit US$3.2 billion. That was up from US$2.49 billion in the previous quarter, and also up 77% YoY.
In terms of earnings per share (EPS), Tesla reported positive earnings of US$1.86 per share (non-GAAP). That's a whopping 145% increase YoY from the 76 US cents per share the company reported 12 months ago.
Tesla's automotive gross margin also widened, going from 8.4% last quarter (and 27.7% in 2020's third quarter) to 30.5%.
Batteries supplement electric vehicle growth
Turning to Tesla's energy storage division, and the company posted some gains here too. Tesla reported that its energy storage deployments increased by 70% YoY for the quarter.
The company highlighted its recent announcement that it will be building a new Megapack (industrial-scale battery) factory with the capacity for 40-gigawatt hours of storage annually. In the past 12 months, the company deployed 3 GWh worth of Megapack storage.
In terms of outlook, Tesla is expecting to "achieve 50% average annual growth in vehicle deliveries … over a multi-year horizon" going forward.
The company is also expecting to start production of Model Y vehicles at its new factories in Austin, Texas in the US and Berlin, Germany by the end of the year. It also stated that it's "making progress on the industrialisation of Cybertruck".
The Tesla share price last closed at US$865.80 and US$851.59 in after-hours trading.
At that share price, Tesla has a market capitalisation of US$857.16 billion with a price-to-earnings (P/E) ratio of 452.7.
