Telsa earnings and revenue drop in Q3

Tesla reported a drop in earnings and revenue for the third quarter of this year, with Tesla chief executive Elon Musk cautious about the global economy.

In its Q3 earnings call, Tesla confirms its Cybertruck delivery event for November 30, expecting to produce about 125,000 a year, Musk predicting it will take about a year to 18-months to achieve a “significant cash flow contribution”.

He says Cybertruck mass production will be required “at a price people can afford”, adding he believes the Cybertruck has the potential to be Tesla’s best product.

Meanwhile, Tesla fell slightly short of the mark in Q3 revenue and earnings, reporting nearly NZ$40 billion (US$223.350b) revenue compared with NZ$41.467b (US$24.256b) expected, or US66 cents a share against US73 cents.

Reports suggest the cost of items per vehicle decreased with Tesla looking to further reduce costs.

The EV company expects to still deliver about 1.8 million vehicles this year, delivering 435,059 in Q3.

Tesla is one of the most popular new EVs in New Zealand.