Sharjah24 – AFP: US electric carmaker Tesla reported its first-ever quarterly profit above $1 billion Monday as it reiterated its 2021 production targets despite supply chain upheaval.
Record deliveries of electric cars during the period allowed Elon Musk's company to garner earnings of $1.1 billion in the quarter, up from $104 million in the year-ago period as revenues nearly doubled to $12.0 billion.
Musk described the profit benchmark as "really an incredible milestone," but while cautioning that the growth rate the rest of the year "will be determined by the slowest part of ... our supply chain."
Besides a dearth of semiconductors that has plagued automakers around the world, Musk also cited scarcity of lithium and other raw materials as a wildcard.
Musk has been a pacesetter in the industry, unveiling a growing slate of electric vehicles ahead of other traditional industry players. But analysts have cautioned the company faces increasing competition from new models being launched by General Motors, Volkswagen and other companies.
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