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Tesla’s Q3 Performance Overview
Tesla (NASDAQ: TSLA) reported a record 497,099 vehicle deliveries in Q3 2023, a 7% increase year-over-year and a 29% spike from the previous quarter. Despite this, overall revenue grew by 12% to $28.1 billion, surpassing analyst expectations of $26.7 billion. Automotive revenue rose to $21.2 billion, while gross profit saw a minimal increase of 1%, resulting in a gross margin decrease from 19.8% to 18%.
However, Tesla’s profitability took a hit with operating income falling by 40% to $1.6 billion amid a $238 million restructuring charge. Adjusted earnings per share decreased from $0.72 to $0.50, missing estimates of $0.56. Following the earnings report, Tesla’s stock dipped by 3.1% in after-hours trading.
Looking ahead, CEO Elon Musk indicated plans for the fully autonomous Cybercab and Tesla Semi, both slated for production in 2026. Despite these forward-looking statements, the company faces challenges such as declining EV market share in Europe and China, and a plateau in vehicle sales which could worsen after the expiration of EV tax credits.
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