Tesla’s quarterly profit fell by 44% – Kommersant

Yesterday evening Tesla published results of its activities for the third quarter. Total revenue reached $23.4 billion, up 5% from a year earlier. At the same time, net profit amounted to $1.8 billion, which is 44% less than in the third quarter of last year. The company missed analysts’ forecasts for revenue of $24.1 billion.

Analysts called The two main reasons for the reduction in profits while maintaining revenue growth are the forced reduction in selling prices for cars, which the company agreed to due to increased competition in the market, as well as ongoing delays in the release of the new Cybertruck electric pickup, which was supposed to come out a year ago and significantly increase profitability for the entire company. “We dug this grave for ourselves,” Elon Musk told analysts about the difficulties in starting production of the Cybertruck. “It turned out to be unexpectedly difficult to obtain in time the special products and technologies that are needed in order to bring production to the required level of quantity and profitability.”

The company has already postponed the release of the new car several times. In yesterday’s report, she finally gave the exact date – November 30th.

Evgeny Khvostik