Tesla profit increased by vehicle deliveries

Tesla reported its surging profits, despite deficits of semiconductor chips and congestion at production.

Sales rose to $13bn in the last three months up to the end of July.

The company said it delivered around 200,000 vehicles to consumers during this period.

It added that government support for greener cars was more significant than ever.

On Monday, Led by billionaire Elon Musk, the company reported that profits rose from solid sales.

For the last three months of this year, profits for the previous three months were $1.2bn, up from $105m last year, supported by sales of its Model Y and another cheaper Model 3 sedan.

On Monday, in an update to investors, Tesla said that Public support and sentiment for electric cars seems to be at a high inflexion point.

Musk said that his team continues to work hard to decrease costs while increasing the production rate to make electric cars accessible to many people.

Tesla added that the production speed would depend on the supply of highly demanded crucial parts of its cars throughout the year.

Chip shortage

On Monday, on a call with financial analysts, Mr Musk said that at this point, electric cars seem to be the future.

Musk also commented during the call that the global chip shortage stays a serious problem.

He also talked about suppliers who need to resolve shortages.

In the end, the company said that the shortage was the reason for a delay in Europe.

Musk has also visited Luton several times earlier this year. This sparked rumours that he might consider opening the factory of Tesla in the UK.

Profits at Tesla seemed dented by other items like investments in Bitcoin.

On Monday, Tesla reported a $24m loss on its Bitcoin investments. However, its CEO recently indicated it might accept crypto again in future.