Posted Oct 19, 2022 10:47 PM
by Hyunjoo Jin and Akash Sriram
Oct 19 (Reuters) – Tesla on Wednesday reported weaker-than-expected third-quarter revenue as vehicle deliveries came in lower than expected.
The announcement was immediately sanctioned after the market, the title of the company led by Elon Musk yielding up to 7% in electronic transactions.
“The rise in raw material prices has penalized our profitability,” Tesla said in a statement.
The group also says it suffered from the negative effects of exchange rates, which cost it $250 million.
While the number of vehicles delivered was higher than ever, due in particular to the dynamism of the Chinese market, total deliveries came out below expectations.
In the third quarter, Tesla raked in $21.45 billion in revenue, less than the $21.96 billion forecast by analysts, according to IBES data from Refinitiv.
Gross margin meanwhile fell by 2.5 points, from 30.5% in Q3 2021 to 27.9% in Q3 2022. (Akash Sriram in Bangalore, French version Nicolas Delame)