Tesla achieved strong financial results in the third quarter of the current year, surpassing profit expectations despite the significant financial incentives it provided to boost demand for its electric vehicles.
Tesla’s profit margin exceeded 19.8% during the period from July to September, outperforming analysts’ expectations of 17.3%. This margin increased compared to the second quarter of the year, where the company achieved a profit margin of 18%.
The financial results also showed a 17% increase in net profits to $2.17 billion compared to the same period last year. This is the first time Tesla has recorded an increase in quarterly profits this year, following a continuous decline since achieving record profits in the fourth quarter of last year.
Although the company’s total revenues were slightly lower than expectations, they grew by 8% to over $25 billion. Tesla generated $20 billion in car sales, $2.38 billion in energy generation and storage revenue, and $2.79 billion in services revenue.
This positive performance led to a 12% increase in Tesla’s stock in post-market trading, helping to offset most of the stock losses experienced during the year.
