Photo: Tesla
Tesla’s per-car earnings generated eight times as much profit as Toyota in an analysis of July through September sales, according to a report from Nikkei.
The news of the profit difference comes even though Toyota outsold Tesla by over seven to one, and it marks the first time the U.S. automaker has overtaken the Japanese company in quarterly net profit since it went public in 2010.
Tesla reported $3.29 billion in net profit for Q3, while Toyota earned 434.2 billion yen (~$3.15 billion USD).
Toyota Warns Shift to EVs Could ‘Leave Customers Behind’ https://t.co/8z5OCZvl5J
— TeslaNorth.com (@RealTeslaNorth) September 30, 2022
Still, the profit decline came in part due to extraneous factors, such as increased material and electricity costs, the former of which cut operating profit by around 450 billion yen ($3.07 billion USD). Additionally, Toyota shut down a Russian production operation which cost the company 96.9 billion yen ($666 thousand USD).
Despite this, some say that the shift won’t affect Toyota’s future potential for earnings and growth.
“The decreased profit in July-September does not equate to a decline in Toyota’s actual earnings potential,” said Goldman Sachs Japan analyst Kota Yuzawa.
In addition, Toyota outperformed Tesla on operating profit overall, reaching $4.08 billion over Tesla’s $3.69 billion.
Tesla is still exhibiting impressive profits per car, and the automaker even reached a 73-percent market share in its founding U.S. state of California, according to data shared last week.
