Profits and deliveries

Tesla (TSLA) reported strong earnings and revenue growth on Wednesday, but gave no outlook for the full year 2021. Elon Musk did not attend the financial reporting conference. Tesla reported an important change in battery chemistry.

Global electric vehicle manufacturing leader Tesla (TSLA) reported financial results for the third quarter of 2021 on Wednesday after the close of trading, which were expected to be strong thanks to record quarterly auto shipments.

However, despite the good quarter, Tesla shares fell 1.62% on the post-market.

CEO Elon Musk was not in attendance for the report conference call, with Tesla chief financial officer Zachary Kirkhorn, who took over as chief executive last quarter, speaking to analysts.

Kirkhorn's statements were more cautious than investors usually hear from Musk, Tesla gave no forecast for the full year 2021 and warned that profitability growth could slow while new plants ramp up production. Tesla plans to start production at its new plants in Texas and Germany in 2021, with deliveries to consumers starting shortly thereafter. This is in line with current investor expectations.

Tesla's third-quarter report figures

Tesla reported earnings per share of $1.86, three times last year's figure, 28% higher than in the second quarter and higher than analysts' latest estimate of $1.67. The company's total profit for the quarter was $1.62bn, the second time it has surpassed $1bn.

Total revenue rose 119% to a record $13.8bn, but came in slightly below Wall Street estimates of $13.9bn.

At the beginning of October Tesla reported another record 241300 electric car deliveries, which was higher than market forecasts and 40 000 more units compared to 201250 deliveries in the second quarter.

Tesla shares rose 33.35% over the last quarter, and the stock is up about 12% from the record shipments announcement to the start of trading on Wednesday. During the same period, the Nasdaq Composite Index rose about 4%.

Tesla also made $806 mln from its energy business, including sales of solar cells and energy storage products, and made $894 mln from services and other revenues.