The company’s car sales are set to overtake last year’s figures even as construction of its new Texas factory is underway

Tesla saw its biggest quarterly net earnings in history, the company said on Wednesday, propelled by record electric vehicle sales last summer, amid a shortage of computer chips and other materials, the Guardian reported.

The company made $1.62bn in the third quarter, beating its old record of $1.14bn, set just in the second quarter of this year. The profit was nearly five times greater than the $331m Tesla made in the same quarter in 2019.

A record-setting revenue of $13.76bn from July through September fell short of Wall Street’s expectations of a little more than $14bn, according to FactSet.

“[Tesla CEO] Elon Musk delivered another terrific quarter as Tesla continues to execute flawlessly”, said Jesse Cohen, senior analyst at Investing.com. “It has done an outstanding job navigating through global supply chain and logistics challenges, weathering the storm significantly better than rival automakers.”

The Palo Alto, California-based electric car company made $1.86 per share, beating analyst estimates of $1.62.

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