Tesla is smoothing its vehicle delivery process to avoid bottlenecks
Amid ongoing supply chain constraints, production delays in China, and increasing competition from the legacy auto industry, Tesla just reported its third-quarter earnings (PDF), in which the company said it earned $3.3 billion in net income on $21.4 billion in revenue. That represents a 56 percent increase year over year compared to $13.7 billion in revenue in Q3 2021. The company said it had a free cash flow of $8.9 billion.
The earnings report comes on the heels of a somewhat disappointing production and delivery report in which Tesla said it delivered 343,830 vehicles to customers over the past three months. That was about 20,000 less than the 364,660 vehicles that Wall Street analysts had been expecting for the quarter.