Tesla on Wednesday reported a jump in quarterly profit as sales of its electric cars skyrocketed in the three months ending September.
The electric-car maker says it made $3.3 billion in the third quarter, up from $1.6 billion a year earlier and close to the record profit it reported for three years. first month of the year. It reported revenue of $21.5 billion, up from $13.8 billion.
This month, Tesla said it produced more than 365,000 vehicles in the third quarter, up 50% from a year earlier. Sales were also strong, but investors are increasingly concerned about signs that demand for the company’s luxury cars may be waning.
Tesla sold about 20,000 fewer cars than it did in the third quarter, and its wait times have been reduced. Sales could come under pressure as the automaker has raised prices significantly in recent months as interest rates on auto loans have also surged, making new cars even more expensive.
The company’s third-quarter profit fell short of Wall Street analysts’ expectations, and the company’s shares fell about 4% in extended trading Wednesday.
Jesse Cohen, an analyst at Investing.com, said: “Tesla’s terrible quarter is the latest sign that growing macroeconomic uncertainty is having some impact on demand for vehicles. company electricity”. He added that demand for the company’s cars in China, the world’s largest market for electric vehicles, is “slower than expected in the face of increasing competition from companies.” local tram company”.
Manufacturing problems at Tesla’s Berlin plant, which opened this year, could make it difficult for the company to meet its goal of 50 percent increase in deliveries this year, Cohen said.
The company’s share price has fallen more than 40% this year, partly due to concerns about demand for its luxury cars. However, the stock is also struggling as investors fear that Tesla chief executive Elon Musk will have to sell some of his stake in the company to pay for its online business. Twitter social. Musk agreed to acquire Twitter for $44 billion, then sought to back out of the deal before changing his mind again and saying he would complete the acquisition.
This month, Musk also made remarks about the war in Ukraine that worried Western investors and policymakers. He proposed a peace plan that reflected Russia’s territorial ambitions.
Tesla has managed to increase car production despite global shortage of computer chips and other auto parts. But it is still facing some production challenges. The company’s assembly plant in Berlin halted production in July and caught fire in September. Tesla makes cars at three other plants, in California, China and Texas.
The company recently said it expects to begin production of a battery-powered pickup on December 1. Mr. Musk launch truck in 2017says it will go into production in 2019. Mr. Musk also said that production of Tesla’s long-delayed pickup, the Cybertruck, will begin next year.