TSLA financial Results for Q3 2023

About Tesla, Inc.

Tesla, Inc. is involved in the creation, development, production, and sale of fully electric vehicles and energy solutions. The company operates in two segments: Automotive and Energy Generation and Storage. The Automotive segment encompasses the entire process from design to leasing of electric vehicles, along with the sale of automotive regulatory credits. The Energy Generation and Storage segment focuses on stationary energy storage products, solar energy systems, and related incentives. Established on July 1, 2003, by Jeffrey B. Straubel, Elon Reeve Musk, Martin Eberhard, and Marc Tarpenning, the company is headquartered in Austin, TX.

Deliveries Update:

As of October 2, 2023, Tesla produced over 430,000 vehicles and delivered over 435,000 vehicles in the third quarter. The sequential drop in volumes was due to planned factory downtimes for upgrades, as discussed in the recent earnings call. Despite this, Tesla maintains its 2023 volume target of approximately 1.8 million vehicles.

Exact Numbers:

Q3 2023 Total Deliveries: 435,059

Q3 2023 Total Production: 430,488

In the preceding quarter, Tesla reported 466,140 deliveries and 479,700 vehicle production. In the same period in 2022, vehicle production was 365,923 with deliveries at 343,830. Despite a nearly 7% decline in deliveries compared to the previous quarter, Tesla's stock closed nearly flat at $251.60.

Adjustments Through Last Earnings Call:

In the July earnings call, CEO Elon Musk anticipated a slight decline in third-quarter production due to summer shutdowns for factory upgrades. Tesla has not reported production or delivery numbers for the Semi truck but has delivered some to early customer PepsiCo.

Wall Street Estimates 

Wall Street expectations were around 461,640 deliveries, with Tesla researcher Troy Teslike expecting 441,000 deliveries. Tesla, however, provided a consensus indicating around 455,000 total deliveries, with a median estimate of 453,128 for the quarter.

Price cuts on Model 3s

Tesla slashed prices in Q3, putting pressure on competitors. The company introduced the "Highland" version of the Model 3, featuring new exterior and interior features. In August, CFO Zachary Kirkhorn stepped aside, with Chief Accounting Officer Vaibhav Taneja taking on both roles.

Upcoming Financial Announcement:

Tesla will release its Q3 2023 financial results after market close on October 18, 2023. A live Q&A webcast will be held at 4:30 p.m. Central Time on the same day to discuss financial and business results. It's emphasized that vehicle deliveries are just one aspect of financial performance, with net income and cash flow results to be revealed with the financial report.

Mark your calendars and invest safe !

What: Date of Tesla Q3 2023 Financial Results and Q&A Webcast


When: Wednesday, October 18, 2023


Time: 4:30 p.m. Central Time / 5:30 p.m. Eastern Time

#investsafe

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