At the same time, the US electric car maker’s revenue rose 9% to $23.35 billion.
Electric vehicle maker Tesla Inc. in the third quarter of 2023, revenue increased by 9%, but its net profit fell 1.8 times. This was confirmed by the company’s report published on October 18.
Thus, the company’s quarterly revenue reached $23.35 billion compared to $21.54 billion last year.
Tesla’s net income fell to $1.85 billion, or $0.53 per share, from $3.29 billion, or $0.95 per share, a year earlier.
Earnings excluding one-time factors came to $0.66 per share.
Gross margin fell to 17.9%, down from 25.1% last year and 18.2% in the second quarter of 2023.
It should be noted that the company is following the goals of increasing production volumes by an average of 50% per year, set at the beginning of 2021. It expects to produce approximately 1.8 million vehicles this year.
Tesla shares fell 4.2% in after-hours trading on Wednesday. Since the beginning of 2023, their value has almost doubled.
Recall that in the second quarter of 2023, Tesla’s revenue grew by 20%.
Source: korrespondent
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