The news: Tesla posted a record $13.7 billion in revenues and a $1.6 billion profit despite the compounded global semiconductor shortage and delays in its updated Model S sedan and Model X SUV rollouts, per The Verge.
More on this: Tesla sold 241,300 cars in Q3—the most it’s ever sold in a quarter—and bucked the auto industry’s trend of plummeting sales.
Despite historic demand for new and even used vehicles, GM’s US sales dropped 33% in Q3, and Ford’s sales were down 27.4% as the carmakers wait for key components. Tesla, meanwhile, sold 102,000 more vehicles than it did during the same quarter last year.
The bigger picture: Tesla’s widening selection of models in various countries, and its ability to navigate the component shortages, could be solutions worth copying across the automotive industry.
The problem: Prolonged delivery delays could frustrate Tesla’s customers, who might gravitate toward EVs from competitors—giving them a window of opportunity to grab customers and EV market share.
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