Tesla beats quarterly revenue estimates

Tesla Inc on Wednesday beat Wall Street expectations for third-quarter revenue on the back of record deliveries, as the electric carmaker navigates through a prolonged global shortage of chips and raw materials.

Despite a global chip shortage that has marred the auto industry, Tesla was able to post record deliveries for the quarter.

The company has weathered the chip crisis better than rivals, with its overall deliveries surging 20% in the July to September period from its previous record in the second quarter, marking the sixth consecutive quarter-on-quarter gains.

"We continue to target our first Model Y production builds in Berlin and Austin before the end of the year," Tesla said.

The carmaker, led by billionaire entrepreneur Elon Musk, said revenue rose to $13.76 billion from $8.77 billion a year earlier. Analysts had expected revenue of about $13.63 billion, according to IBES data from Refinitiv.