Whether you're looking at revenues from their automotive segment or cars produced and delivered, Tesla has weathered the pandemic exceptionally well, despite the virus' impact on the economy and the global supply chain. But although their vehicle sales have propelled the car manufacturer to record-breaking results this past quarter, not all of its business endeavours were profitable.
As our chart shows, Elon Musk's company actually lost $16 million in their "Services and other" segment, though Tesla doesn't specify which services are included. Its endeavours in selling and installing solar panels and its battery solution Powerwall also only contributed $3 million in gross profit towards the company's financial results, with a reduction of 86 percent compared to the third quarter of 2020. This might be attributed to the fact that Tesla Energy, the direct subsidiary responsible for the energy generation and storage solutions, stopped selling individual Powerwalls in late May this year and now only offers them in package deals with its solar panels and has reportedly been suffering from chip shortages as well. Unsurprisingly, the corporation made the most money with sales of its cars, accumulating a gross profit of $3.5 billion between June and September.
Tesla is not only the world's leading electric car manufacturer but also the fastest-growing brand worldwide. In 2021 alone, it produced and delivered over 600,000 units and is well on its way to double the previous year's number of 365,000. Its biggest competitors on the plug-in electric vehicle market in terms of 2020 overall unit sales are GM-SAIC-Wuling, Renault, Hyundai and Volkswagen. The company and its products are not beyond criticism though. Accidents occurring even while utilizing Tesla's Full Self-Driving mechanic and reports of brake failures and conflicting safety ratings, as well as the cult-like Elon Musk fandom, have regularly resulted in critical reporting from press outlets and government officials.