Tesla announced its financial report for the third quarter of 2023, with net profit falling 44% year-on-year.

According to news from this site on October 19, Tesla today announced its financial report for the third quarter of 2023. The company’s revenue for the quarter was US$23.4 billion, which was a slight increase from the US$21.4 billion revenue for the same period last year ( (a year-on-year increase of 9%), but net profit fell sharply, from nearly US$3.3 billion in the same period last year to US$1.9 billion, a year-on-year drop of 44%.

Tesla’s total vehicle production in the third quarter was 430,488 units, an increase of 18% from 365,923 units in the same period last year; among which, Model S/ Production of The delivery volume was 435,059 units, an increase of 27% from 343,830 units in the same period last year; among them, the delivery volume of Model S/X was 15,985 units, a decrease of 14% from 18,672 units in the same period last year; the delivery volume of Model 3/Y was 419,074 units, An increase of 29% from 325,158 vehicles in the same period last year;

This site noticed that Tesla also missed the target date for the Cybertruck delivery event. Tesla CEO Elon Musk had planned to hold a delivery ceremony in the third quarter, but now the company plans to start the first deliveries on November 30. During the earnings call, Musk said it would be "another 18 months before Cybertruck becomes a significant cash flow contributor."

Tesla blamed many factors for the decline in net profit. On the one hand, deliveries fell sharply as the company upgraded its factories and reduced production. Tesla, on the other hand, said it is investing heavily in artificial intelligence and has "launched one of the world's largest supercomputers," doubling its computing power from the previous quarter.

Tesla’s total gross profit margin in the third fiscal quarter was 17.9%, compared with analysts’ expectations of 18%. Tesla once had historically high profit margins, sometimes as high as 20%, which is almost unheard of in the auto industry. But continued price cuts (good for consumers) have caused Tesla's once-vaunted profit margins to drop to more mundane levels (bad for investors).

Tesla said its energy business, which sells solar panels and batteries, and related services businesses, has become a significant contributor to profits, with total gross profit in the quarter exceeding $500 million.

Tesla kept its full-year production guidance unchanged at 1.8 million vehicles, while analysts expected 1.82 million vehicles.

Other important updates

The annual production capacity of the Texas Gigafactory Cybertruck is 125,000 units
The annual production capacity of the Shanghai Gigafactory is adjusted to More than 950,000 vehicles
FSD Beta cumulative mileage has reached 525 million miles
Tesla Energy deployment hits 4.0 GWh in the third quarter of 2023 All-time high
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