Tesla(US:TSLA) 3 6 Ke·2025-10-23 12:34Core Insights - Tesla's latest financial report shows record highs in vehicle deliveries and revenue, with daily deliveries averaging 5,403 units and an 11% revenue increase, significantly exceeding market expectations [1][2][6] - Despite the record revenue, Tesla's net profit fell by 37% year-over-year, leading to a post-report stock price drop of over 3.8%, resulting in a market cap loss of approximately $55.5 billion [2][20] Delivery and Revenue Performance - In Q3, Tesla produced 447,500 vehicles and delivered 497,100 vehicles, marking a 7.4% year-over-year increase and a 29.41% quarter-over-quarter increase [2][4] - The Model 3/Y accounted for 96.8% of total deliveries, with 481,200 units delivered, while other models like Model S/X and Cybertruck saw a 30% decline in deliveries [4][6] Revenue Breakdown - Total revenue for Q3 reached $28.095 billion, a year-over-year increase of 11.6% and a quarter-over-quarter increase of 25%, surpassing analyst expectations of $26.365 billion [6][9] - Revenue from automotive-related businesses was $21.205 billion, up 6% year-over-year, while revenue from energy generation and storage grew by 44% to $3.415 billion, setting a new record [9][12] Profitability Challenges - Despite record revenue, Tesla's gross profit was $5.054 billion, a slight year-over-year increase, but the overall gross margin fell by 1.8 percentage points to 18% [12][15] - The adjusted earnings per share were $0.50, below analyst expectations of $0.56, attributed to a decline in vehicle prices and a significant increase in operating expenses [17][21] Increased Expenditures - R&D expenses surged by 56.88% year-over-year to $1.63 billion, while sales, general, and administrative expenses rose by 31.70% to $1.562 billion [18][20] - Tesla attributed the increased spending to investments in AI and other research projects [20] Future Outlook and Strategic Initiatives - CEO Elon Musk projected that Tesla could reach an annual production rate of 3 million vehicles within 24 months, focusing on new "standard" versions of Model 3/Y to boost sales post-tax credit expiration [23][25] - The company is also advancing its Semi truck production and plans to showcase a mass-producible version of its humanoid robot, Optimus, in Q1 of next year [27][29] - Tesla aims to enhance its AI capabilities with the development of a new AI chip, AI5, expected to outperform its predecessor significantly [31][33]