Tesla hits record profit despite parts shortage, ship delays

By TOM KRISHER
AP Auto Writer

DETROIT (AP) — Record electric vehicle sales last summer amid a shortage of computer chips and other materials propelled Tesla Inc. to the biggest quarterly net earnings in its history. The company said Wednesday that it made $1.62 billion in the third quarter, beating the old record of $1.14 billion set in the second quarter of this year. The profit was nearly five times larger than the $331 million Tesla made in the same quarter a year ago. Revenue of $13.76 billion from July through September also set a record, but it fell short of Wall Street expectations of just over $14 billion. Excluding special items such as stock-based compensation, Palo Alto, California-based Tesla made $1.86 per share, beating analyst estimates of $1.62.