Tesla has posted their Q3 2022 financial results after setting new records in both production and delivery figures during the three month period. Even though they set records for both metrics, the number of deliveries was slightly lower than analyst expectations, mostly due to around 20,000 vehicles in transit at the end of the quarter.
Despite the Wall Street miss on deliveries, Tesla was able to post record revenue, operating profit and free cash flow.
Earnings per Share
Tesla beat Wall Street estimates by posting a $1.05 non-GAAP earnings price per share in Q3, compared to a Wall Street consensus estimate of $1.01.
Revenue
With record deliveries Tesla had a strong quarter in terms of revenue, recording $21.454 billion in revenue, slightly below the $21.9 billion estimate by analysts.
Profitability
Tesla posted a $329 billion GAAP operating income with a 17.2% operating margin. Overall, the company posted a GAAP Automotive gross margin of 27.9%. Tesla said their operating income was largely impacted by:
- increased ASP
- growth in vehicle deliveries
- profit growth in other parts of the business
- higher raw material, commodity, logistics, warranty and expedite costs
- negative FX impact of ~$250M
- cost of production ramp at Giga Texas, Giga Berlin, and 4680 cells
Regulatory Credits
Regulatory credits sold to other automakers was down slightly from $344 million in Q2 to $286 million in Q3.
This is a developing story, check back for updates…
Here’s all of our coverage on the information released through the Q3 2022 shareholder deck.
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