Tesla disappointed the markets with the results published on Wednesday night, presenting lower third-quarter revenue than analysts expected and acknowledging difficulties with deliveries. Thus, the company led by Elon Musk left 6% on the stock market.
In the big figures the progress is remarkable. Net profit doubled to 3,292 million dollars, about 3,370 million euros. Revenues reached 21,454 million dollars (about 21,941 million euros), 56% more and a new maximum. But analysts expected sales of 22.1 billion. Musk acknowledged that demand is becoming more hesitant due to rising rates in the US and economic difficulties in Europe and China.
Vehicle production in the third quarter of the year amounted to 365,923 units, that is, 54% more. Meanwhile, automobile deliveries have increased to 343,830 units, which implies an increase of 42%. The company said "logistics cost volatility" as well as supply chain bottlenecks remain "immediate challenges" for the company.
In this sense, it manufactured 22,000 more cars than it delivered, which shows that it is finding it difficult to bring them to the customer. Loading cars onto ships and trucks proved especially costly and problematic, as much of the company's production was concentrated in the final weeks of the quarter. "We have excellent demand for the fourth quarter and we expect to sell as many cars as we make in the future that we can see," Musk said.
"We remain focused on ramping up production as quickly as possible, increasing our weekly manufacturing rate in Fremont (USA) and Shanghai (China) and steadily progressing through production in Berlin (Germany) and Texas (USA). .UU.)," added the American firm. In April, Musk expected Tesla to make 1.5 million cars this year. Up to now it has 930,000, which forces it to produce 570,000 in the last quarter. A year ago it manufactured 306,000 in those three months. "We expect the end of the year to be epic," Musk told analysts.
Despite everything, looking to the future, it plans to increase its vehicle sales by 50% per year on a "multi-year horizon". It will depend on the manufacturing capacity and the supply chain.
