Tesla Hits Record Profit Despite Parts Shortage, Ship Delays

Tesla Hits Record Profit Despite Parts Shortage, Ship Delays
A sign bearing the company logo stands outside a Tesla store in Cherry Creek Mall in Denver, Colo., on Feb. 9, 2019. David Zalubowski/AP Photo
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DETROIT—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.