US EditionTelsa Q3 Profit Down More than a Third Despite Record $28.1B Revenue
Tesla's Q3 revenue hit a record high driven by strong electric vehicle sales despite a 40% profit decline due to tariffs exceeding $400 million, CFO Vaibhav Taneja said.
- Tesla reported in its latest quarter that record third-quarter revenue rose to $28.1 billion, beating Wall Street estimates.
- Demand surged as buyers rushed to lock in the tax credit, with consumers who frontloaded purchases last month and the U.S. tax credit plus the Model Y six-seat version boosting sales.
- Despite the revenue gain, profits missed expectations as profits were down 37% and net profit fell from $2.17 billion to $1.37 billion, while Tesla shares dropped about 4.5% in after‑hours trading.
- The proposed package faces criticism from proxy advisers ISS and Glass Lewis, and Tesla CFO Vaibhav Taneja urged support during the shareholders' meeting on November 6.
- Looking beyond cars, Tesla highlighted full self-driving and robotaxis as core focus, developing AI5 chips with Samsung and Taiwan Semiconductor Manufacturing Company, while building first-generation Optimus production lines.
19 Articles
19 Articles
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Tesla’s profits sink by 25% even as revenues surge
The third quarter earnings report from Tesla presented Wall Street with a clear paradox: record-breaking vehicle deliveries alongside a precipitous drop in net profit. While the electric vehicle giant moved nearly half a million cars, driving revenues up 12% year-over-year to $28.1 billion, its net income plummeted by more than a quarter. This financial tightrope walk underscores a profound strategic shift, moving Tesla away from maximizing cu…
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