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Tesla Shares Dip Despite Record Revenue, Strong Shanghai Sales

Tesla posted record delivery figures of 343,830 vehicles in the third quarter, up from 254,695 delivered in Q2. But its shares fell as its revenue was slightly below expectations

Tesla has slashed prices of its vehicles in China for the second time in a few months.
Tesla China-made Model 3 vehicles are seen during a delivery event at the carmaker's factory in Shanghai, April 2022. File photo: Reuters.


Elon Musk’s Tesla posted its highest-ever revenue in the third quarter after production at its Shanghai production surged by 30%, Nikkei Asia reported on Thursday.

The electric car giant described Shanghai as its “main export hub” outside of North America, after posting delivery figures of 343,830 vehicles in the three months to the end of September, up from 254,695 delivered in the second quarter.

However, analysts said its Q3 earnings of $21.45 billion missed expectations, of about $22.1 billion, and that led to the carmakers shares falling over 5% after the announcement. However, it managed to claw back 0.8% in later trading.

The company says it still expects to see 50% average annual growth rate on vehicle deliveries for the year.

But the company admitted that it is facing some headwinds from the increased cost of raw materials, plus inefficiencies at its Gigafactory in Berlin.

The strengthening dollar is also impacting Tesla sales abroad, cutting into profitability.


  •  By Alfie Habershon and Jim Pollard



Read more:


China Hands Tesla Tax Break After Musk’s Taiwan Comments – TN

Tesla’s China-Made Sales Smash Record After Factory Upgrade

Tesla Faces Bumpy Road as Global Economy Cools, Warn Analysts



Alfie Habershon

Alfie is a Reporter at Asia Financial. He previously lived in Mumbai reporting on India's economy and healthcare for data journalism initiative IndiaSpend, as well as having worked for London based Tortoise Media.


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