After the closing bell on Wednesday, electric vehicle company Tesla (TSLA stock) disclosed its results for the third quarter, which fell short of the sales forecast provided by experts but came in slightly ahead of earnings. The following are the key findings and statistics from the report:
Revenue for the third quarter was $21.45 billion, compared to the estimated $22.09 billion.
Earnings Per Share for TSLA Stock
EPS Adjusted for the Third Quarter: $1.05 vs $1.01 Anticipated
After the revelation, the stock of the automobile manufacturer dropped by more than 5%.
The business reports that it continues to anticipate that it will have a 50% average annual growth rate on car deliveries for the year. The car manufacturer also stated that it feels it has sufficient money to proceed with the construction of its roadmap.
However, Tesla claims that it is suffering headwinds year over year due to the higher cost of raw materials and inefficiencies at its Berlin Gigafactory. Additionally, a stronger currency is affecting Tesla sales overseas, which is eating into the company’s earnings.
Ahead of the release of its quarterly financial report, Tesla (NASDAQ:TSLA) disclosed that it had manufactured 365,932 vehicles during the period and had delivered 343,830 of them. This is an increase over the previous quarter’s production and delivery totals of 258,580 and 254,695, respectively, when the firm was struggling with COVID-related shutdowns in China. During the third quarter of 2021, the firm manufactured 237,823 automobiles and delivered 241,300 of them.
Concerning the future products of the firm, Tesla has stated that it anticipates delivering its semi to Pepsi in the month of December, and that it plans to begin manufacturing of its Cybertruck in Texas after first scaling up production of the Model Y.
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Author Valerie Remorosa 
