The company reported third quarter earnings after the bell. The shares fell after the results were announced.
The results can be found here.
The company had a net income of $3.3 billion in the third quarter of the year, with automotive gross margins holding steady at 27.9%.
The company reported $1.62 billion in profits during the same period.
The automotive revenue increased by 45% from a year ago. In line with the increase in automotive sales, the cost of revenue for the core automotive business rose to $13.49 billion during the quarter, up from $10.52 billion during the second quarter.
The company said in its shareholder deck that it expects to achieve 50% annual growth in vehicle deliveries.
Delivery of the Semi electric heavy duty truck will start in December. In December of last year, the product was first introduced. After the ramp-up of Model Y production in Texas, it will be possible for it to begin production of the Cybertruck pickup.
The company reported that it delivered 343,000 and produced 365,000 vehicles in the third quarter. The closest approximation of sales is deliveries. Since the report on October 2, shares have fallen more than 15%.
Revenue for the quarter was more than $1 billion. The division sells and installs solar rooftops.
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