Tesla has released its financial results for the third quarter of 2023, revealing a mixed performance. The company’s total automotive revenues reached $19.625 billion, marking a 5% year-over-year (YoY) increase.
However, Tesla’s net income attributable to common stockholders (GAAP) declined by 44% YoY to $1.853 billion.
The company’s total revenues for the quarter stood at $23.35 billion, a 9% YoY growth. This was impacted by growth in vehicle deliveries and other parts of the business, offset by a reduced average selling price and a negative foreign exchange impact of $0.4 billion.
Wall Street expected 73 cents per share, but Tesla earned 66 cents per share adjusted. Revenue was expected at $24.1 billion, so Wall Street will likely see this as a miss.
Operating income for the quarter decreased to $1.764 billion, resulting in a 7.6% operating margin. The decline in operating income was primarily due to reduced average selling prices, increased operating expenses related to Cybertruck, AI, and other R&D projects, as well as costs associated with factory upgrades.
Tesla’s energy generation and storage revenue saw a significant 40% YoY increase, reaching $1.559 billion. Services and other revenue also grew by 32% YoY to $2.166 billion.
The company’s cash, cash equivalents, and investments increased sequentially by $3.0 billion to $26.1 billion in Q3, driven by financing activities of $2.3 billion and free cash flow of $0.8 billion.
In terms of production, Tesla manufactured 416,800 Model 3/Y vehicles, a 20% YoY increase, but saw a 31% YoY decrease in Model S/X production, with 13,688 units produced. Total vehicle deliveries increased by 27% YoY, with 435,059 units delivered.
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