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Tesla Earnings Q3 2023

Publication Type:

Tesla's Profits Slump Due to Price Cuts and Plant ShutDown

Tesla for Q3FY23 reported total revenue of $23.35 billion compared to $21.454 billion up by 9% YoY. The rise was led by price cuts and growth in automotive deliveries. (Source: Tesla)

On a segmental basis, Tesla's Automotive business reported revenue of $19.625 billion up by 5%. The automotive segment's revenue derived from regulatory credits significantly increased in the third quarter, reaching $554 million. This marks a substantial rise from the previous quarter, where it stood at $282 million, and also represents growth compared to the $286 million reported in the third quarter of the previous year. (Source: Tesla)

The company's Energy generation and storage posted revenue of $1.559 billion up by 40% YoY. Tesla's energy division reported a notable increase in energy storage deployment during the quarter, with 3,653 MWh deployed. This marks a significant 90% growth compared to the corresponding period in the previous year. However, the company experienced a decrease of 48% year-over-year in its solar installations, which amounted to 49 MW.  Moreover, Services and other segments of the company reported a 32% rise from the same period last year. (Source: Tesla)

The Austin carmaker has been aggressively slashing prices since last year, which has affected the company's margins. Tesla's total operating margins stood at 7.6% which is significantly down from 17.2% same quarter last year. The operating margins were also impacted by an increase in operating expenses driven by Cybertruck, AI, and other R&D projects. (Source: Tesla)

The company in its shareholder's presentation mentions cost of goods sold per vehicle decreased to ~$37,500 in Q3. Meanwhile, the production cost at new factories remained higher than their established factories, the company has implemented necessary upgrades in Q3 to enable further unit cost reductions. Moreover, the company's research and development expenses were up from $733 million to $1.16 billion YoY. (Source: Tesla)

Tesla reported a GAAP (adjusted) net income of $2.3 billion in the quarter, or 66 cents a share, down 37% from a year earlier and the smallest profits it reported in two years. The revenue and net income were both hurt due to the temporary shutdown of several production lines for upgrades, which it said led to a sequential decline in production volumes. The net income was also impacted by the price cuts from last year. (Source: Tesla)

Earlier this month, the company reported 435,059 vehicles sold during the July-September quarter an increase of 27% from Q3FY22. Also, the company said that they will be laying out the groundwork to begin construction on a new factory planned in Mexico. The company is working to bring down the price of its cars. (Source: Tesla)

The company has announced Cybertruck deliveries are on track for November 30th of this year at Giga Texas. (Source: Yahoo)

In the company's earnings call, CEO Elon Musk voiced concerns about the condition of the worldwide economy and emphasized the company's dedication to enhancing the affordability of its vehicles. (Source: CNBC)

Tesla reported its earnings after the market on 18th October. The shares rose by approximately 2.4% in after-hours trading as the report was published. Tesla stock after that slumped around 5% as Elon Musk warned Cybertruck will take 18 months to generate positive cash flow and become a significant contributor after production. (Source: CNBC)

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