Tesla beat analyst expectations on its third quarter results, to lift investor sentiment which has been lagging since the company’s under-whelming robotaxi prototype rollout earlier in the month.
Tesla reported $2.2bn net income in the quarter ended 30 September, up 17% on the same quarter last year. Operating income was up 54% to $2.7bn, with a 10.3% operating margin.
The company reported lower costs per vehicle sold, including lower raw material costs, freight and duties as well as the impact of ongoing cost reduction efforts. Vehicle deliveries were also up 6% – to 462,900 units – helping to boost Tesla revenues in Q3 to $25.2bn, 8% ahead of last year’s quarter.
Tesla said the cost of goods sold (COGS) per vehicle came down to its lowest level ever at around $35,100.
While the latest quarterly results were interpreted as relatively good news for Elon Musk’s company, it comes after the disappointment of the Cybercab robotaxi rollout earlier this month. Some analysts maintain that the robotaxi project will be less profitable – or the profits are further out in to the future – than a lower price-point, and higher volume, Tesla car based on current tech would potentially be.
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