<\/p>\n
Tesla reported Wednesday reported revenue of $21.45 billion in the third quarter, another record-setting period that still missed analysts expectations.<\/p>\n
Shares fell 3.5% in after-hours trading following the earnings release.<\/p>\n
Tesla\u2019s net income for the third quarter was $3.3 billion nearly double the $1.62 billion it earned in the same period last year. The company said profits were squeezed by increases in raw material costs as well as issues ramping up production at its Germany and Texas factories as well as 4680 battery cell production. Tesla also cited a strengthening dollar as another factor in its third quarter results.<\/p>\n
The company\u2019s third-quarter letter to shareholders reiterated much of its guidance its Semi truck production target of December and its plan to achieve a 50% annual growth in vehicle deliveries. However, Tesla provided few details on its launch plans for Cybertruck, only saying it has made progress on its \u201cindustrialization\u201d and that production would begin at its Texas factory subsequent to Model Y ramp.<\/p>\n
Tesla reported earnings, excluding some items, of $1.05 per share versus 62 cents per share in the same period last year.<\/p>\n
Automotive continued to be the largest piece of its business with revenue from that division coming in at $18.69 billion in the third quarter, a 55% pop from the same year-ago period.<\/p>\n
The company\u2019s automotive gross margins were 27.9%, the same as last quarter and still lower than high of 32% reached early this year.<\/p>\n
Tesla\u2019s energy unit, which has lagged in previous quarters, saw an appreciable increase in business.<\/p>\n
The company reported that energy storage deployments, which includes both Powerwall\u00a0home batteries and utility-scale\u00a0Megapacks, shot up 62% year over year, from roughly 1.29 GWh in Q3 2021 to 2.1 GWh in the same quarter this year.<\/p>\n
The firm called this \u201cby far the highest level [of growth] we have ever achieved.\u201dThe news follows\u00a0a September report\u00a0that said Tesla had started requiring its solar roof customers to also buy a Powerwall for energy storage. The company\u2019s large-scale batteries also recently made headlines, when\u00a0a Megapack caught fire\u00a0at a California power storage facility. The incident shut down a portion of Highway 1 and sparked a local shelter-in-place advisory in Moss Landing.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Tesla reported Wednesday reported revenue of $21.45 billion in the third quarter, another record-setting period that still missed analysts expectations. Shares fell 3.5% in after-hours trading following the earnings release. Tesla\u2019s net income for the third quarter was $3.3 billion nearly double the $1.62 billion it earned in the same period last year. The company […]<\/p>\n","protected":false},"author":1,"featured_media":1229265,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-1229263","post","type-post","status-publish","format-standard","has-post-thumbnail","category-celebrity-gossip"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1229263","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1229263"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1229263\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1229263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1229263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1229263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}