The share price of Tesla (TSLA) is down 6% after the electric vehicle maker reported mixed
third-quarter earnings.
The Austin, Texas-based company said it earned $1.05 U.S. per share in Q3 compared to $0.99
U.S. that was expected on Wall Street. Revenue amounted to $21.45 billion U.S. compared to
$21.96 billion that analysts had forecast, according to Refinitiv data.
Tesla’s net income in Q3 reached $3.33 billion U.S., up substantially from $1.62 billion U.S. in
the same quarter of 2021.
The company’s automotive revenue came in at $18.69 billion U.S. during the July through
September period, an increase of 55% from a year ago. Regulatory credits made up 1.5% of the
company’s automotive revenues during the quarter.
The company’s energy unit that sells batteries for residential, commercial, and utility use
generated $1.12 billion U.S. in revenue for the quarter.
On an earnings call with analysts and media, Tesla executives reiterated previous guidance,
saying: “We expect to achieve 50% annual growth in vehicle deliveries.”
Tesla offered no firm timeline for the start of production of its electric Cybertruck, saying only
that it will be produced in Texas.
The company previously reported that its vehicle deliveries for the third quarter ending
September 30 reached 343,000 and vehicle production was at 365,000.
On the earnings call, Tesla chief executive Elon Musk said the company is likely to do a
“meaningful (stock) buyback” next year, possibly between $5 billion U.S. and $10 billion U.S.
Tesla stock is down 45% this year and trading at $222.04 U.S. per share.
