Tesla cautions new plants may hurt margins

Under control: A truck transports new Tesla cars at its factory in Shanghai. The company has cut costs with the use of more Chinese parts including batteries. — Reuters

SAN FRANCISCO: Tesla Inc said its upcoming factories and supply-chain headwinds would put pressure on its margins after it beat Wall Street expectations for third-quarter revenue on the back of record deliveries.

The world’s most valuable automaker has weathered the pandemic and the global supply-chain crisis better than rivals, posting record revenue for the fifth consecutive quarter in the July to September period, fuelled by a production ramp-up at its Chinese factory.