Tesla has shrugged off the global chip shortage to notch up quarterly profits of more than $1bn for the first time.
The electric car maker led by Elon Musk said it achieved the milestone despite supply chain challenges as it"worked extremely hard to keep production running as close to full capacity as possible". It also set aside $176m to reflect a"probable" pay-out to Mr Musk under the terms of a stock-based compensation award for the chief executive linked to its operational performance.Revenues for the April-June period nearly doubled to $11.96bn compared with a period last year when its US factory was shut down for several weeks under COVD-19 lockdown measures.
The revenue figure beat Wall Street expectations and follows record deliveries of more than 200,000 units during the quarter, thanks to its cheaper Model 3 and Model Y vehicles.Tesla's bottom-line profit of $1.
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