Tesla has released its Q3 2021 earnings report, and it turned out to be a lot better than anyone predicted.

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The company announced that it turned in a $1.6 billion profit during the quarter, despite supply chain challenges in the auto industry caused by chip shortage and a delay in the rollout of its refreshed Model S sedan and Model X SUV.

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Tesla reported that it turned a profit on over $13.7 billion in revenue, all while its average sales price continued to drop due to the popularity of its cheaper Model 3 and Model Y. What’s even more impressive, is that Tesla sold a new record of both of its more affordable Model 3 and Model Y cars, with a combined 232,102 units delivered during Q3 2021.

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"The third quarter of 2021 was a record quarter in many respects. We achieved our best-ever net income, operating profit, and gross profit. Additionally, we reached an operating margin of 14.6%, exceeding our medium-term guidance of 'operating margin in low-teens,'" the company said in a statement.

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