Elon Musk is number 1 in everything

Elon Musk is number one in everything: The richest man on the planet, owns 2 companies, 1 is the largest electric vehicle manufacturer, 1 is the most valuable aerospace company in the world.

"Super man" Elon Musk is having an unbelievable fortune.

According to CNN, Tesla has just reported a record-high profit, surpassing all expectations of Wall Street. It is worth mentioning that they have done so despite facing severe shortages of chips and other raw materials - which have plagued the auto industry for months now.

Specifically, the company reported operating profit of $2.1 billion, up 30% from the previous record set in the second quarter. Thus, this is the sixth consecutive quarter Tesla has reported a level. record profits.

The company's revenue increased 15% to $13.8 billion.
The company's revenue increased 15% to $13.8 billion.

The result is special because Tesla surpassed the $1 billion profit mark for the first time just two months ago. Despite stricter accounting formulas, the company posted a net profit of $1.6 billion, up 42 percent from the second quarter and nearly four times what it earned a year ago.

However, the company also warned that it still faces problems with shortages of chips and other materials.

"There are quite a few challenges including semiconductor shortages, congestion at major ports and power shortages affecting our ability to keep our plants running at maximum capacity. continue to operate production lines when conditions permit. While continued growth remains the primary objective, the extent to which growth can be achieved will largely depend on external factors." , the company said in the statement.

During a recent shareholder meeting, CEO Elon Musk also warned that dealing with supply chain problems would be quite expensive.

"We're seeing significant costs to the supply chain. I'm talking about the amount of money spent on components shipped around the world. Hopefully this is just a temporary issue."

However, Tesla can raise car prices despite increasing competition from electric vehicles from traditional car manufacturers such as Volkswagen, GM and Ford. The company previously revealed that it posted record revenue for the quarter, up 20% from three months ago and up 73% year-over-year.

The viable business results signal the rapid shift of buyers towards electric vehicles.

Expert Daniel Ives said: "The number of vehicles delivered together with the impressive business results indicate that the demand for electric vehicles is very strong for Tesla, looking forward to the fourth quarter of 2022."

Thanks to that, Tesla shares have increased by 22% this year, making Elon Musk richer than ever.

Musk did not appear at the earnings call with investors yesterday. As he explained in a previous appearance, he said, "I don't think in the future I'm going to go to the income statement sessions again unless there's something really important for me to say."

In 2018, during an earnings call, Musk did not hesitate to criticize the constant questions of analysts: "Breaking questions are okay."

It can be said that this is a time filled with the joy of winning for Elon Musk. While Tesla has continuously set one business record after another, SpaceX - another company owned by Musk has also been valued at $100 billion.

Google Tech News

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