{"id":22833,"date":"2023-10-20T21:43:00","date_gmt":"2023-10-20T21:43:00","guid":{"rendered":"https:\/\/www.africa-press.net\/eritrea\/all-news\/teslas-income-dives-44-in-q3-with-price-cuts-lower-deliveries"},"modified":"2023-10-20T21:43:00","modified_gmt":"2023-10-20T21:43:00","slug":"teslas-income-dives-44-in-q3-with-price-cuts-lower-deliveries","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eritrea\/all-news\/teslas-income-dives-44-in-q3-with-price-cuts-lower-deliveries","title":{"rendered":"Tesla’s income dives 44% in Q3 with price cuts, lower deliveries"},"content":{"rendered":"

Africa-Press – Eritrea. <\/strong><\/span>Tesla saw its income plummet 44% in the third quarter, according to its financial results.<\/p>\n

Net income attributable to common stockholders fell to $1.85 billion, down from $3.29 billion during the same period last year.<\/p>\n

Total revenues were down 22% to $4.18 billion from $5.38 billion, according to the statement released late Wednesday.<\/p>\n

Income from operations declined 52% and free cash flow plummeted 74% year-on-year.<\/p>\n

“During a high interest rate environment, we believe focusing on investments in R&D and capital expenditures for future growth, while maintaining positive free cash flow, is the right approach,” said the statement.<\/p>\n

The American electric carmaker\u2019s stock price fell to as low as $222.22 around 10.30 a.m. EDT on the Nasdaq for a more than 8% daily loss.<\/p>\n

Tesla, earlier this month, lowered the price of its two models in the US as deliveries posted a decline and came lower than expectations.<\/p>\n

The Model 3 Rear-Wheel Drive starts at $38,990, which was more than $40,240 previously. Model Y All-Wheel Drive starts at $48,490, down from more than $50,000, according to its website.<\/p>\n

Tesla produced more than 430,000 vehicles and delivered over 435,000 during the July-September period, according to a statement Oct. 2, which missed market estimates.<\/p>\n

The figures are down from 480,000 vehicles produced and more than 466,000 delivered in the preceding three-month period.<\/p>\n

For More News And Analysis About Eritrea<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eritrea. Tesla saw its income plummet 44% in the third quarter, according to its financial results. Net income attributable to common stockholders fell to $1.85 billion, down from $3.29 billion during the same period last year. Total revenues were down 22% to $4.18 billion from $5.38 billion, according to the statement released late […]<\/p>\n","protected":false},"author":84,"featured_media":22832,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[242,243,233],"class_list":["post-22833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-eritrea","tag-eritrea"],"yoast_head":"\nTesla's income dives 44% in Q3 with price cuts, lower deliveries - Eritrea<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/teslas-income-dives-44-in-q3-with-price-cuts-lower-deliveries\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tesla's income dives 44% in Q3 with price cuts, lower deliveries\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Eritrea. 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