Tesla Q3 2023 Earnings Report
Key Takeaways
Tesla's Q3 2023 results showed revenue growth of 9% year-over-year, reaching $23.35 billion. However, profitability metrics declined, with operating margin at 7.6%. The company focused on cost reduction, free cash flow generation, and investments in AI and growth projects. Cash and investments increased to $26.1 billion.
Operating margin was 7.6% in Q3.
GAAP operating income reached $1.8B in Q3.
Free cash flow was $0.8B in Q3.
Cash and investments increased by $3.0B QoQ to $26.1B.
Tesla
Tesla
Tesla Revenue by Segment
Forward Guidance
Tesla plans to grow production as quickly as possible, aligning with a 50% CAGR target. They anticipate remaining ahead of this target in 2023, aiming for around 1.8 million vehicles. The company has ample liquidity to fund its product roadmap and long-term expansion, expecting hardware-related profits to be accompanied by AI and software profits. Cybertruck deliveries are on track for later this year, and progress continues on the next-generation platform.
Positive Outlook
- Plans to grow production as quickly as possible.
- Expecting to remain ahead of 50% CAGR target in 2023 with around 1.8 million vehicles.
- Ample liquidity to fund product roadmap and expansion plans.
- Expect hardware profits to be accompanied by AI and software profits.
- Cybertruck deliveries remain on track for later this year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income