Tesla(US:TSLA) 3 6 Ke·2025-10-23 11:08Core Insights - Tesla reported record revenue and vehicle deliveries in Q3, with total revenue reaching $28.1 billion, a year-over-year increase of 11.6%, and vehicle deliveries hitting 497,000 units, a record high [1][3][4] - Despite the strong sales figures, the stock market reacted negatively, with Tesla's stock price dropping nearly 5% in after-hours trading, resulting in a market value loss of approximately $73 billion [1][2] Financial Performance - Automotive revenue reached $21.2 billion, a 6% increase from the previous year, driven by strong vehicle sales [3][4] - Total gross profit was $4.997 billion, with a gross margin of 19.8%, down from 21.6% in the previous year [4][7] - Operating income fell to $2.717 billion, a 40% decrease year-over-year, with an operating margin of 10.8% [4][7] - Net income attributable to common stockholders was $1.373 billion, down 37% from the previous year, with diluted EPS of $0.39 [4][7] Sales and Market Dynamics - The increase in vehicle deliveries was partly attributed to the "last-minute" effect of the U.S. federal electric vehicle tax credit expiring [5] - Tesla's average vehicle price decreased to $42,700, a decline of 1.35% year-over-year, impacting profit margins [10][11] Cost and Expense Analysis - Operating expenses surged by 50% to $3.43 billion, with R&D expenses rising by 56.88% [11][13] - The decline in profits was also linked to lower regulatory credit income, which fell 44% year-over-year [10] Future Outlook and Strategic Focus - Elon Musk emphasized the importance of AI and future projects, including autonomous driving and humanoid robots, during the earnings call, indicating a shift in focus from current automotive profitability [14][16] - Plans for the production of the Cybercab and the Optimus robot were highlighted, with expectations for significant future growth in these areas [19][21]