Elon Musk’s announcement that he gave up on buying Twitter caused Tesla shares to fall seriously. Tesla, which has been on the agenda with financial problems for a long time, shared its third quarter report.
Tesla Inc. Shares fell nearly 3 percent in long-term trading after the company’s third-quarter sales missed Wall Street estimates. However, the company’s stock has lost 37 percent so far this year under the burden of CEO Elon Musk’s $44 billion bid to buy Twitter.
Tesla shared details about its third quarter financial report
Tesla earned $1.05 per share for the company excluding special items, beating Wall Street’s estimates of $1 per share. The company grew its revenue 56 percent to a record $21.45 billion, but fell short of average estimates of $21.98 billion.
Tesla announced that it will experience 50 percent growth in vehicle sales over the next few years. “We know that the rate of growth depends on our equipment capacity, factory uptime, operational efficiency, and the capacity and stability of the supply chain. Therefore, we will maximize our fourth-quarter sales performance.” said.
Earlier this month, Tesla announced that the company’s large factory in China had reduced supply chain problems and the impact of the pandemic. However, the company reported that its vehicle sales increased by 35 percent in the third quarter period compared to the previous period.
The company sold 343,830 cars and SUVs in the third quarter, compared to 254,695 deliveries made between April and June. It was announced that 365,923 vehicles were produced between July and September.
Tesla said it remains focused on increasing vehicle production as fast as possible by increasing the weekly build rate in Fremont, California and Shanghai, while making progress at new factories in Texas and Germany.
Stating that they encountered problems in matters such as logistics and parts supply, Tesla underlined that they increased production despite this. Making a statement about the Semi model, which has been on the agenda for a long time, Tesla reiterated that the first deliveries will be made in December 2022.
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