Tesla has just released new financial results for the third quarter of 2023. Although the company is still profitable, its margins are much lower than analysts had predicted.
Today Tesla is seeing its expenses soar while at the same time the number of cars delivered is falling from one quarter to the next. To meet its annual objectives for 2023, it will be necessary to succeed in selling 500,000 cars in the last quarter of the year alone.
Tesla has just announced that its turnover was $23.4 billion for the third quarter of 2023 alone. This corresponds to an increase of 9% year-on-year. on the other. So this might sound like good news, but at the same time, the firm's gross profits were down 22% compared to 2022. The numbers are even more impressive when comparing the third quarter of 2023 with the second quarter of 2022 . Taking these two values, the fall in profits is 44%.
Such a gloomy balance sheet for Tesla?
Despite figures significantly below estimates, Tesla continues to progress and the company is developing other activities, starting with energy storage. Tesla's services also saw revenue growth.
The increase in expenses, responsible for the drop in gross profits at Tesla, is also quite easy to explain. The company does not make structural deficits, but punctual ones. This increase in spending thus corresponds to an increase in R&D to the tune of $1.2 billion. Investments have also increased significantly. Tesla announces an additional $3 billion, reaching $26 billion in total.
Tesla: the year 2023, saved by the CyberTruck?
Tesla could, however, present very interesting results in 2023. Indeed, the electric car brand should, if we are to believe the calendar available on the firm's website, begin deliveries of the CyberTruck as early as next month.
If this is the case, the CyberTruck could be a very good point for Tesla, allowing it to accelerate car sales in the last months of this year 2023, making the results of these last 12 months better than it is not today.
In his analysis posted a few hours after the publication of Tesla's financial results, the principal analyst of the information site Investing.com , Jesse Cohen, explains that this T3 is “disappointing“. He criticizes the company in particular for a“big lack of free cash flow”.
Cohen also announces that Tesla's sales figures in China are worrying investors. Demand is increasingly weak and at the same time low-cost competition is experiencing record growth. We will therefore have to be very vigilant for Tesla, which could lose its “technological and commercial lead” in the coming years.
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