(New York) The American automobile manufacturer Tesla on Wednesday unveiled third-quarter results below analysts’ expectations, stressing that production costs at its new factories remained higher than at its old manufacturing sites in a context of falling prices. prices.
The group, which has carried out significant price reductions in recent months, recorded a turnover of 23.35 billion dollars between July and September (9%) and a net profit per share excluding exceptional items of 66 cents. reference for the markets.
The consensus was 24.19 billion and 73 cents respectively.
Net profit came in at $1.85 billion, a drop of 44% year-over-year.
The manufacturer warned on October 2 that its production and delivery volumes had been affected in the third quarter by planned maintenance operations.
Wedbush analysts then noticed a lower delivery volume than market expectations due to a longer-than-expected shutdown of factories in Austin (United States) and Shanghai (China), which represented a deficit of approximately 20,000 vehicles.
From July to October, production reached 430,488 vehicles while 435,059 vehicles were delivered, Tesla said, without giving geographic details.
He plans to increase his production “as quickly as possible,” he assured Wednesday, while warning that “some years it is possible that we grow faster and others less quickly.”
The group has once again confirmed its target of producing 1.8 million vehicles in 2023.
“Tesla continues to leverage its cost efficiency through price reductions to boost electric vehicle sales,” Third Bridge analyst Shoggi Ezeizat said in a note.
But the markets have recently been on the lookout for any element illustrating the impact of these price cuts on the group’s operating margin: it fell to 7.6% in the third quarter, compared to 17.2% a year ago. earlier.
In a context of high interest rates, “we have to make our cars more affordable” so that people can buy them, justified Elon Musk, boss of Tesla, during an audio conference.
“According to our experts, most traditional car manufacturers are struggling to achieve profitability in their electric divisions and catching up with Tesla seems unlikely in the near future,” noted Mr. Ezeizat, nevertheless emphasizing that Chinese manufacturers like BYD “ are rapidly introducing highly competitive electric vehicle models.”
In its press release, Tesla also mentioned the Cybertruck, its electric pickup truck with a futuristic silhouette, the first example of which left the factory in mid-July.
“Deliveries of the Cybertruck remain scheduled for later this year,” the manufacturer said.
In the documentation accompanying its results, there is a photo showing a Tesla truck with three Cybertrucks on its trailer, and it indicates that the first deliveries should begin in November.
Elon Musk estimated an annual production rate of “a quarter of a million”, which should be reached “during 2025”. “That’s my best guess,” he said.
“We are doing everything possible to simplify the vehicle to achieve a level of units per minute unheard of in the automotive industry,” he said.
“If you want to do something innovative and beautiful, it’s extremely difficult […] because you have to invent the vehicle” without copying what already exists, he noted.
But still no indication concerning the different versions available or their prices, about which nothing has been officially disclosed since the presentation of the vehicle in 2019.
Tesla also assured that progress continues in the design of its next generation of platform.
Furthermore, it intends to reduce production and operational costs through innovation, and accelerate its profits linked to sales thanks to the use of artificial intelligence and software, in particular.
Asked about the timetable for the giant factory announced in Monterrey (Mexico), Mr. Musk said preparations were underway to begin construction.
In electronic trading after the New York Stock Exchange closed, Tesla shares fell 3.80% to $233.47.