Tesla Reports Record-Breaking Third Quarter Revenue of $21.45 Billion
Revenue Tops Analysts’ Expectations, Net Income Nearly Doubles
In a significant development, Tesla has reported a record-breaking revenue of $21.45 billion in the third quarter, surpassing analysts’ expectations. Despite this impressive achievement, shares fell 3.5% in after-hours trading following the earnings release.
Key Highlights:
- Revenue: $21.45 billion (Q3 2022)
- Net Income: $3.3 billion (nearly double Q3 2021)
- Automotive Revenue: $18.69 billion, a 55% increase from the same period last year
Profitability Affected by Raw Material Costs and Production Challenges
Tesla’s net income for the third quarter was significantly higher than in the same period last year. However, profits were squeezed by increases in raw material costs, production challenges at its Germany and Texas factories, and the ramp-up of 4680 battery cell production.
Energy Unit Experiences Significant Growth
The company’s energy unit has seen an appreciable increase in business, with a 62% year-over-year growth in energy storage deployments. This is attributed to the growing demand for sustainable energy solutions.
Key Statistics:
- Energy Storage Deployments: 2.1 GWh (Q3 2022)
- Year-Over-Year Growth: 62%
- Megapack Sales: "by far the highest level [of growth] we have ever achieved"
Cybertruck Production Plans Announced
Tesla provided few details on its launch plans for Cybertruck, only stating that production would begin at its Texas factory subsequent to Model Y ramp.
Guidance and Future Outlook:
- Semi Truck Production: December target
- Annual Growth in Vehicle Deliveries: 50%
Record-Breaking Delivery Figures
Tesla delivered a record number of vehicles in the third quarter, with 343,830 units shipped. However, this figure still fell short of Wall Street forecasts, which ranged between 358,000 and 371,000 vehicles.
Key Statistics:
- Third-Quarter Deliveries: 343,830
- Year-Over-Year Growth: 43%
- Production vs. Delivery Gap: Larger than usual
Growth in Energy Unit
Tesla’s energy unit has experienced significant growth in the third quarter, with a 62% year-over-year increase in energy storage deployments.
Key Statistics:
- Energy Storage Deployments: 2.1 GWh (Q3 2022)
- Year-Over-Year Growth: 62%
- Megapack Sales: "by far the highest level [of growth] we have ever achieved"
Conclusion
Tesla’s third quarter results demonstrate the company’s commitment to innovation and sustainability. Despite production challenges and increasing raw material costs, Tesla continues to push boundaries in the electric vehicle industry.
Future Outlook:
- Semi Truck Production: December target
- Annual Growth in Vehicle Deliveries: 50%
Sources:
Tesla’s Q3 earnings report
Investor presentation
Industry reports
About the Author:
Kirsten Korosec is a reporter and editor who has covered the future of transportation from EVs and autonomous vehicles to urban air mobility and in-car tech for more than a decade. She is currently the transportation editor at TechCrunch and co-host of TechCrunch’s Equity podcast.
