Tesla delivered its 7 millionth electric car and beat revenue forecasts for the quarter

In the third quarter of this year, Tesla produced the third 7 million vehicles in its history and exceeded the revenue forecasts for the quarter. Additionally, the company's average electric car price fell to a record low of $35,100.

The company's revenue rose 8% to $25.18 billion in the period, compared to analysts' expectations of $25.37 billion. The company's profit rose 17% year-over-year to $2.17 billion, beating analysts' expectations.

Tesla received the second largest income in the entire history of the company from the sale of so-called regulatory credits. It takes money from other automakers that fail to meet the carbon reduction levels required by US law and indirectly contributes money to the environmental fight. In the last quarter, Tesla's income in this part was 739 million dollars.

Specifically, Tesla's electric vehicle revenue grew just 2% to $20 billion, and hasn't grown much since the end of 2022. This did not prevent the company from increasing the volume of production of electric cars by 9%, reaching a record 469,796 units. Moreover, Elon Musk expressed confidence at the reporting conference that by the end of the current year, the company will be able to slightly exceed last year's volume of electric vehicle deliveries (1.8 million units).

To do that, Tesla needs to ship more than 506,000 electric vehicles in the fourth quarter. Musk also expects the volume of production of cars of this brand to increase by 20 or 30% next year and will approach the coveted milestone of 3 million cars produced annually. This will be possible due to switching to a cheaper "intermediate platform" in production.

Tesla released its 7 millionth car on October 22. Tesla's Chinese factory in Shanghai also produced its 3 millionth electric car this month, and exported its millionth electric car in September. Tesla executives have been tight-lipped about Cybertruck production, noting only that production volumes have been steadily increasing and that the model is already breaking even and has become the third most popular electric vehicle in the U.S. market behind the Model Y and Model 3.

Tesla presents pickup truck statistics along with Model S and Model X. In the third quarter, their production volumes increased year-on-year to 26,128 units. Moreover, the sales volumes of these models increased by 43%, reaching 22,915 units. Sales of the Model 3 and Model Y are also lagging production in terms of growth. If the latter increased by 6% within a year, the former increased by only 5%.

In total, Tesla was able to deliver 462,890 electric vehicles to customers in the third quarter, which is 6% more than last year. From this point of view, the results of the third quarter did not meet the expectations of analysts, and the previous two quarters were accompanied by a decrease in the volume of deliveries of Tesla's electric cars compared to the year.

Tesla has announced that the price of the brand's average electric car has reached a new all-time low of $35,100. This is partly due to the dynamics of raw material and component prices, but the company is determined to continue to reduce the cost of producing electric vehicles. This will be helped next year by the release of the modified Model 3 and Model Y, which will use elements and technologies of the new platform, but will be able to be produced in existing plants.

Until 2026, Tesla is still going to improve the production of cars based on the promising low-cost platform and using new technologies, but the first child will be the same robotic self-taxi, the Cybercab.

Musk emphasized that Tesla is committed to making all its electric cars autonomous. But not all machines with HW3 generation hardware will be able to achieve this without a hardware update. The company is already producing about 35,000 vehicles per week, technically ready to move independently on the roads.