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Tesla's third-quarter price cuts did not change performance decline trend

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Oct 19, 2023 pm 12:33 PM

According to news on October 19, although Tesla once again lowered the price of its models in the third quarter, its quarterly results still did not meet market expectations. The price reduction strategy had a continuous impact on profits, resulting in a continued decline in gross profit margin this year. On October 18th, Eastern Time, Tesla released its performance report for the third quarter of 2023 after the U.S. stock market closed. It showed that the company’s operating income growth in the quarter hit the lowest level of the year, and earnings per share (EPS) were not only higher than those in the first quarter. fell, and the decline exceeded market expectations.

According to the editor’s understanding, Tesla produced a total of 43,048 vehicles in the third quarter, a year-on-year increase of 18%; the total delivery volume reached 43,505 vehicles, a year-on-year increase of 27%. Model The production volume of Model 3 and Model Y in the third quarter was 416,800 units and 419,074 units respectively, representing year-on-year growth of 20% and 29% respectively. And Model S and Model X's production in the same quarter was 13,688 units, down 31% year-on-year, and delivery volume was 15,985 units, down 14% year-on-year.

Teslas third-quarter price cuts did not change performance decline trend

Tesla’s operating income in the third quarter was US$23.4 billion, a year-on-year increase of 9%. However, analysts had expected growth of 12% to $24.06 billion. In the second quarter, Tesla set its highest revenue record in a single quarter, with a year-on-year increase of 47%. In the first quarter, it increased by 24% year-on-year. In addition, non-GAAP adjusted earnings per share in the third quarter were US$0.66, a year-on-year decrease of 37%, well below analysts’ expectations of US$0.74. This was the first since the third quarter of 2019. ’s first year-on-year decline. Tesla's gross profit margin has also continued to decline on the profit side, falling below market expectations for three consecutive quarters.

Tesla announced in a statement that the company plans to begin deliveries of its electric pickup truck Cybertruck at its Gigafactory in Texas on November 30.

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