Tesla profits surge on higher car sales despite chip crunch

Tesla’s third-quarter profits more than quadrupled on sharply higher sales despite a global semiconductor shortage that has plagued the car industry, according to results released on Wednesday. Elon Musk’s electric car company posted a record profit of $1.6 billion (€1.37bn) for the three-month period, as revenues surged 57 per cent to $13.8 billion