Big surprise for Musk! Tesla profits declined

Tesla announced its balance sheet for the third quarter of this year. Consequently, the company’s revenue increased by 9 percent in the third quarter of the year compared to the same period last year, reaching $23.4 billion. Tesla made $21.5 billion in revenue in the third quarter of 2022.

The electric car maker’s net profit fell 44 percent in the third quarter of this year compared to the same period last year, to $1.9 billion. Tesla’s net profit in the same period last year was $3.3 billion.

The company’s earnings per share, which was 95 cents in the third quarter of 2022, decreased to 53 cents in the same period this year.

Tesla’s gross profit margin, which was 25.1 percent in the third quarter of last year, decreased to 17.9 percent in the same period this year, due to the impact of the company’s efforts to increase sales through price discounts.

INCREASE IN PRODUCTION AND DELIVERY

While Tesla produced 430,488 cars globally in the third quarter of 2023, it delivered 435,059 vehicles.

During this period, the company’s vehicle production increased by 18 percent annually and the number of vehicles delivered increased by 27 percent.

Tesla’s statement states that the company’s main objectives did not change in the third quarter of this year and that these objectives were to reduce the cost per vehicle, create free cash flow by maximizing delivery volumes and continue investing. in artificial intelligence and other projects.

“In a high interest rate environment, we believe that focusing on R&D investments and capital expenditures for future growth while maintaining positive free cash flow is the right approach,” the statement said. The expression was used. (AA)