Tesla earns 8 times more profit than Toyota per car
Though outselling Tesla 7 to 1, Toyota reported lower net profits this past quarter. In the three months of July-September, Tesla's net profit was $3.29 billion while Toyota only made $3.15 billion. Consequently, Tesla earned eight times as much profit per vehicle as Toyota.
Tesla is now one of the most profitable companies in the automotive industry, making $9,570 in profit for each car produced. This is a significant increase from Toyota's profit per vehicle of only $1,200.
Several things contributed to Toyota's smaller third-quarter profit, such as more expensive materials and electricity for its suppliers. These added costs pushed operating quarterly profit down by about 450 billion yen ($3.07 billion). The Japanese car manufacturer also booked a one-time expense of 96.9 billion yen ($663 million) after shutting down production in Russia.
Toyota's net profit may have been lower than Tesla's, but it led in operating profit, generating $4.08 billion to Tesla's $3.69 billion.
