Third-quarter revenue fell 0.2% to $28.0bn ($27.9bn expected), as growth in services and other revenue was offset by lower energy storage revenue and slightly weaker car sales.
Operating profit fell 55.8% to $0.7bn ($0.8bn expected), as higher spending on AI and other research projects more than offset improved gross margins.
Over the period, Tesla produced 464,391 vehicles and delivered 486,532. Full self-driving (FSD) subscriptions rose 67% to 1.74mn.
Free cash flow fell from $4.0bn to $1.5bn, as capital expenditure more than doubled to $4.7bn. Net cash, including leases, rose $2.0bn to $35.9bn at the end of the quarter.
Management now expects capex of around $20bn this year (previously more than $25bn), and for that to keep growing over the next few years.
The shares fell 5.1% in after hours trading.
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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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