Tesla reported revenue of $21.45 billion in the third quarter, it was a great period for the company but it missed analysts’ expectations.
Shares fell 3.5% in the after-hours of the release.
Tesla’s overall gain for the third quarter was $3.3 billion almost twofold the $1.62 billion it acquired in a similar period last year. The organization said profits were negatively affected by increases in raw materials costs. Additionally, there was also an issue in scaling out processes at factories in both Germany and Texas.
The organization’s third-quarter letter to investors repeated a lot of the same talking points about its Semi truck production target of December and its plan to achieve a 50% annual growth in vehicle deliveries. They were also a bit vague about the launch of the highly anticipated Cybertruck.
Tesla revealed a profit, barring a few things, of $1.05 per share versus 62 cents for every share in a similar period last year.
Car kept on being the biggest part of its business with income from that division coming in at $18.69 billion in the second to last quarter, a 55% pop from that very same period last year.
The organization’s auto gross margins were 27.9%, equivalent to last quarter despite everything being lower than the high of 32% reached early this year.
Vehicle delivery came in at 343,830 for the third quarter, which is better than last year’s same period and despite the challenges that they have with factories.
Despite that, it missed Wallstreet expectations which ranged between 358,000 and 371,000 vehicles. Also, the gap between delivery and production was a bit too wide, Tesla made 365,923 vehicles in the third quarter.
