Shulou(Shulou.com)11/24 Report--

CTOnews.com, October 19 (Xinhua)-- Tesla today announced its results for the third quarter of 2023, with revenue of $23.4 billion, up slightly from $21.4 billion in the same period last year (up 9 per cent from a year earlier), but net profit fell sharply to $1.9 billion from nearly $3.3 billion in the same period last year.

Tesla's total automobile output in the third quarter was 430488, up 18% from 365923 in the same period last year. Among them, Model S / X production was 13688, down 31% from 19935 in the same period last year, and 416800, up 20% from 345988 in the same period last year.

Tesla's total vehicle delivery in the third quarter was 435059, up 27% from 343830 in the same period last year. Among them, Model S / X delivery was 15985, down 14% from 18672 in the same period last year to 419074, up 29% from 325158 in the same period last year.

CTOnews.com noticed that Tesla also missed the target date for the Cybertruck delivery activity. Tesla CEO Elon Musk had planned a delivery ceremony in the third quarter, but now the company plans to start the first delivery on November 30. On the earnings call, Mr Musk said it would take another 18 months for Cybertruck to become an important cash flow contributor.

Tesla blamed a variety of reasons for the decline in net profit. On the one hand, due to the upgrading of the factory, the production capacity decreased, resulting in a substantial decline in delivery. Tesla, on the other hand, said he was investing heavily in artificial intelligence and had "enabled one of the largest supercomputers in the world", with twice as much computing power as last quarter.

Tesla's total gross profit margin in the third quarter was 17.9%, while analysts expected 18%. Tesla once had historically high profit margins, sometimes as high as 20%, which is almost unheard of in the auto industry. But constant price cuts (good for consumers) have caused Tesla's once-proud profit margins to fall to more ordinary levels (bad for investors).

Tesla said its energy business, which sells solar panels and batteries, as well as related services, had become an important contributor to profits, with a total gross profit of more than $500m in the quarter.

Tesla kept the annual production guidance unchanged at 1.8 million vehicles, while analysts expected 1.82 million vehicles.

Other major updates Texas Gigafactory Cybertruck annual production capacity of 125000 vehicles

The annual production capacity of Shanghai super factory is adjusted to more than 950000 vehicles.

The cumulative mileage of FSD Beta has reached 525 million miles.

Tesla Energy deployment reached an all-time high of 4.0 GWh in the third quarter of 2023

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