Tesla will only use iron-based batteries for standard model EVs

Tesla said Wednesday it will use iron-based batteries for its standard Model 3 and Model Y models across global markets. The update, provided in the company’s third-quarter earnings report, confirmed hints that Tesla CEO Elon Musk has been dropping for months about the cheaper battery chemistry’s growing role in the company’s product line-up. Lithium-iron-phosphate (LFP) […]

Tesla charges forward with a record quarterly profit of $1.6 billion

Tesla continued its profitability streak, reporting Wednesday net income of $1.62 billion in the third quarter, a nearly fivefold increase from the $331 million it earned in the same period last year. The record-setting profit came thanks to record sales and despite a global chip shortage and supply chain constraints that have affected the industry. […]