Tesla Inc. on Wednesday posted a second-consecutive record quarterly profit, earning $1.62 billion in the third quarter despite the ongoing global semiconductor shortage and other supply-chain challenges.
Revenue jumped 57 percent year over year to $13.8 billion, and automotive gross margins rose to 30.5 percent.
Tesla was aided by $279 million in sales of regulatory credits to automotive competitors, although that number fell for the second straight quarter.
The automaker posted record deliveries of 241,391 vehicles in the quarter, 73 percent more than a year earlier. Tesla said its average selling price decreased by 6 percent year over year as the lower-priced Model 3 sedan and Model Y crossover accounted for nearly all of its sales.