Electric car maker Tesla, led by Elton Musk, surpassed $1.6 billion in profit in the third quarter, nearly five times more than in the same period last year, the company said in a statement after the New York stock market closed.

In the first nine months of the year Tesla has accumulated profits of $3.2 billion. Also revenues from automotive operations reached a new record high, amounting to $10.2 billion, a year-on-year growth of 58% and surpassing $10 billion for the first time, writes a specialized news website.  

This large increase was due to Elon Musk's company's profit margin growth of 30.5% in the automotive business, and also the considerable rise in sales.

With a shortage of components, Tesla has been forced to raise prices to cope with rising costs.

Tesla's revenue on the automotive side grew to $12.06 billion. The company generated $806 million in profits in the energy sector, which combines solar and storage, as well as $894 million in services such as maintenance, repairs, private label merchandise and insurance.

So, with numbers growing by leaps and bounds, the company led managed to cope with the pandemic and shortage of semiconductors in the automotive market. Tesla has been posting profits for five consecutive quarters, and should the component shortage feel a slowdown, the company estimates to maintain sustainable growth over the coming months, the company's press release concludes.