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Expand chart
Data: FactSet and company release; Chart: Will Chase/Axios

Tesla, citing a "structural shift" in demand for electric vehicles, reported its highest-ever quarterly profit of $1.6 billion and $13.8 billion in revenues despite supply chain problems.

The big picture: The company's third-quarter report says the chip shortage, port congestion and other woes have affected its factories but argues that "flexibility" and "ingenuity" are a counterweight.

What they're saying: Wedbush Securities, in a note, said Tesla's earnings and deliveries signal "an EV demand trajectory that looks quite robust for Tesla heading into 4Q and 2022."

They estimate the chip shortage has meant 40,000 fewer sales this year than would otherwise occur, but still project around 900,000 for 2021 and 1.3-1.4 million next year.

What's next: Tesla hopes to begin production from new factories in Austin and Berlin by year's end.

But chief financial officer Zach Kirkhorn cautioned that "the hardest work lies ahead in the ramp" and that the factories will "partially weigh on our margins as we work toward volume production."

Go deeper: Tesla Posts Record Quarterly Earnings on Supply-Chain Resilience (WSJ)

Go deeper

Ben Geman, author of Generate
Nov 17, 2021 - Energy & Environment

Investors shower love on Rivian and Lucid

Photo: Igor Golovniov/SOPA Images/LightRocket via Getty Images

Here are two numbers that say a lot about how investors view two key electric vehicle startups: $232,000 and $89 billion.

Driving the news: That's luxury EV startup Lucid Motors Q3 revenue and its market capitalization at yesterday's close of trading.

Storms pummel flood-hit Pacific Northwest as border river overflows

An image of the water-logged Sumas Prairie area taken last Friday. Photo: B.C. Ministry of Transportation/Twitter.

The latest ferocious storm system to hit the Pacific Northwest triggered fresh evacuation orders and at least one mudslide in flood-ravaged British Columbia, Canada, late Sunday.

Threat level: Flood sirens sounded in Washington state as the Nooksack River overflowed. Henry Braun, mayor of Abbotsford, B.C., told reporters the water flow was headed toward the Canadian border city later Sunday. "There's nothing to stop it," he said.

Updated 4 hours ago - Health

First North American Omicron cases identified in Canada

COVID-19 testing personnel at Toronto Pearson International Airport in September. Photo: Steve Russell/Toronto Star via Getty Images

The first two cases of the new Omicron variant have been detected in North America, the Canadian government announced Sunday evening.

Driving the news: The World Health Organization has named Omicron a "variant of concern," but cautioned earlier on Sunday that it is not yet clear whether it's more transmissible than other strains of COVID-19.