Tesla’s revenues and profits declined in Q3 as the car manufacturer produced and delivered fewer vehicles than it did in the second quarter. Financial results published by Tesla reveal that its total automotive revenues fell from $21.26 billion in Q2 to $19.65 billion in Q3. However, automotive revenues are up 5% from Q3 2022 when they reached $18.69 billion.
ProductionDeliveriesSubject to operating lease accountingModel S/X13,68815,9858%Model 3/Y416,800419,0744%Total430,488435,0594% The electric car manufacturer notes that its operating income was primarily impacted by an increase in operating expenses due to the Cybertruck, AI, and other research and development projects, the cost of production ramp and idle costs related to factory upgrades, the price cuts made across its range of models, and currency fluctuations.
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