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Tesla Reports Q3 Financial Results
Tesla (NASDAQ: TSLA) announced its third-quarter financial results on Wednesday, revealing a 12% increase in overall sales compared to the previous year. This marks Tesla’s first revenue growth in three quarters. Despite this improvement, the company reported an operating income of approximately $1.6 billion, down 40% year-over-year, which was below Wall Street estimates of $1.8 billion. Following the report, Tesla’s stock dropped nearly 6% before stabilizing at a 3.1% decrease as of 10:25 a.m. ET.
Strategic Focus on AI and Robotics
During the conference call, CEO Elon Musk emphasized the company’s broader vision beyond electric vehicles, highlighting advancements in energy storage, robotics, and fully autonomous vehicle technology. Tesla’s energy generation and storage revenue surged 44% year-over-year, with Musk claiming that battery storage could significantly enhance U.S. energy output without requiring additional power plants.
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