Tesla Supplier More Than Doubles Profit In Q3, Beats Consensus - Tesla (NASDAQ:TSLA)

Key Tesla Inc TSLA supplier, Contemporary Amperex Technology Co Ltd's (CATL) third-quarter FY21 net income more than doubled to CNY 3.27 billion ($512 million) year-on-year, beating the consensus of CNY 2.61 billion, Bloomberg reports.
The electric-vehicle battery maker's revenue grew to CNY 29.3 billion.
The major lithium-iron-phosphate battery supplier for Tesla's China-made models, CATL, will likely increase sales after Elon Musk disclosed plans to shift to the cheaper battery for its standard range models to contain costs.
Rising commodities prices, including the materials used by CATL in its batteries, have triggered fears over the impact of inflation on manufacturers.
CATL seeks to be more active upstream and recently agreed to acquire Canada's Millennial Lithium Corp to secure supplies of the critical battery-making mineral.
Tesla shares are trading higher following a Goldman Sachs price target hike, bullish commentary from investor Ron Baron and continued momentum following the company's recent Hertz deal.
Price Action: TSLA shares traded higher by 2.69% at $1,045.73 on the last check Wednesday.