EV - Tesla Stock Falls Down as Logistical Slowdowns FX Weigh Into Weak Revenue Report
Tesla Stock ( NASDAQ:TSLA )
After-hours trading for Tesla stock was negative after the company reported a revenue shortfall for the third quarter due to delays in deliveries and a lack of battery supplies. Specifically, Tesla ( NASDAQ:TSLA ) said that production in Shanghai for Q3 exceeded the quarterly record and that production in Berlin peaked at 2,000 Model Ys per week.
The Austin, Texas, firm earned $3.3 billion in net income according to generally accepted accounting principles (GAAP) and $3.7 billion in non-GAAP net income during the period in question.
During the third quarter, the electric car giant reported producing and delivering a total of 365,923 units (+54% Y/Y).
The operating margin increased from the previous quarter’s 14.6% to 17.2% of revenues. Price increases and leverage from increased deliveries more than made up for the adverse effect of fluctuating exchange rates on input costs. Compared to the previous year, the automotive industry’s gross margin fell to 27.9% from 30.5%. The automobile industry’s gross margin rate came in at 28%, below the expected 28.4%.
Tesla ( NASDAQ:TSLA ) has said that it intends to expand its production capacity as soon as feasible and has reaffirmed its expectation of achieving a 50% average annual increase in car deliveries over a multi-year time horizon. The pace of expansion will be determined by factors including the availability of necessary machinery, the effectiveness of current procedures, and the reliability of the supply chain.
TSLA justified the price increase b...
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