Tesla’s Q3 2023 financial report reveals a 9% increase in total revenue, reaching $23.35 billion, compared to the previous year. These numbers align with the production and delivery figures previously reported. However, the net profit, as per GAAP, experienced a 44% decrease to $1.853 billion, and the free cash flow stood at $848 million.
Elon Musk, the CEO of Tesla, states that the plans for a new factory in Mexico will proceed while concurrently lowering the prices of their vehicles. Musk anticipates that the high interest rates will hinder new Tesla purchases, necessitating a reduction in prices.
Furthermore, Musk updates the progress of the electric pickup truck, Cybertruck. The first unit is set to be delivered on November 30th, accompanied by a delivery event at the Texas factory. Nevertheless, Musk acknowledges that there is still a lot to accomplish for the Cybertruck to generate positive cash flow, estimating a timeline of at least 12-18 months.
TLDR: Tesla’s Q3 2023 revenue increased by 9% to $23.35 billion, while net profit declined by 44% to $1.853 billion. Elon Musk affirms the continuation of plans for a new Mexican factory and emphasizes the importance of reducing vehicle prices. The delivery of the Cybertruck is scheduled for November 30th, but further work is required to achieve positive cash flow, expected within 12-18 months.