Tesla reported a 16% rise in revenue to $22.4bn ($22.6bn expected), with growth driven by higher automotive sales and a sharp increase in services revenue. Operating profit more than doubled at $0.9bn.
Over the quarter, Tesla produced 408,386 vehicles and delivered 358,023, with deliveries missing expectations.
Free cash flow was $1.4bn, a positive surprise relative to expectations of a cash outflow, and net cash, including leases, was $35.5bn at the end of the quarter.
Investment is expected to ramp from now to help scale AI infrastructure, Robotaxi/Cybercab, Optimus and next-generation manufacturing capacity.
The shares were down 2.7% in out-of-hours trading.
Our view
HL view to follow.
Tesla key facts
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This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
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