Tesla’s profits show ‘nimble’ approach to managing semiconductor shortages

Tesla’s record quarterly net profit of $1.6 billion (£1.16bn) suggests the electric vehicle (EV) manufacturer has been ‘nimble’ in its approach to managing semiconductor shortages, it has been claimed.

The EV maker, which recently shifted its headquarters from California to Texas, posted its highest ever profit just three months after it posted its first $1bn-plus quarterly profit since it was founded in 2003.

Its results mark a 389% year-on-year net profit uplift as quarterly revenues rose by 57% to $13.8bn (£10bn) – another record performance.