All because of the company’s desire to reduce prices
Tesla has published a financial report for the third quarter of the 2023 financial year.
Revenue for the reporting period amounted to $23.35 billion, which is 9% more than the result of a year ago.
Tesla increased revenue and car production, but profits and profitability collapsed
Operating income was $1.8 billion and net income was $1.85 billion. This is respectively 52% and 44% less than last year’s results. Profitability amounted to 7.6% versus 17.2% a year earlier, which was also due to the active reduction in prices for Tesla cars.
In total, Tesla produced 430,488 cars during the quarter, increasing production by 18%. During this period, 435,059 vehicles were delivered, which is 27% more than a year earlier. The lion’s share comes from Model 3 and Model Y.
The company’s shares rose 2.4% in trading after the report, but then fell more than 3% after Elon Musk warned that the Cybertruck would not generate significant positive cash flow for 12 to 18 months after the start of production, and stressed that Tesla is now focused on reducing prices for its cars.
