Electric car giant Tesla (TSLA), reported its Q3 earnings after the bell on Wednesday, missing analysts’ expectations on revenue, but slightly beating on earnings. Here are the most important numbers from the report.
Shares of the automaker fell more than 5% following the announcement.
The company says it still expects to see 50% average annual growth rate on vehicle deliveries for the year. The automaker also said it believes it has enough liquidity to continue to build out its roadmap.
Still, Tesla says that it’s facing year-over-year headwinds from the increased cost of raw materials and inefficiencies at its Gigafactory Berlin. A strengthening dollar is also impacting Tesla sales abroad, cutting into profitability.
Prior to its earnings report, Tesla announced that it produced 365,932 vehicles in the quarter and delivered 343,830. That’s up from the 258,580 it produced and 254,695 it delivered in Q2, when the company was beset by COVID-related shutdowns in China. In Q3 2021, the company produced 237,823 vehicles and delivered 241,300.
As for the company’s future products, Tesla says it expects to roll out its semi to Pepsi in December, and that it will begin producing its Cybertruck in Texas after ramping its Model Y production.
Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.
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Source: finance.yahoo.com