{"id":36163,"date":"2023-10-24T18:51:37","date_gmt":"2023-10-24T18:51:37","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/teslas-income-dives-44-in-q3-with-price-cuts-lower-deliveries"},"modified":"2023-10-24T18:57:07","modified_gmt":"2023-10-24T18:57:07","slug":"teslas-income-dives-44-in-q3-with-price-cuts-lower-deliveries","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/teslas-income-dives-44-in-q3-with-price-cuts-lower-deliveries","title":{"rendered":"Tesla\u2019s income dives 44% in Q3 with price cuts, lower deliveries"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>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.<\/p>\n

Total revenues were down 22% to $4.18 billion from $5.38 billion, according to the statement released late Wednesday. Income from operations declined 52% and free cash flow plummeted 74% year-on-year.<\/p>\n

\u201cDuring 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,\u201d 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. 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. 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 Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. 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":36162,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[233,245,2431,241],"class_list":["post-36163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-mauritius","tag-low","tag-mauritius"],"yoast_head":"\nTesla\u2019s income dives 44% in Q3 with price cuts, lower deliveries - Mauritius<\/title>\n<meta name=\"description\" content=\"Tesla saw its income plummet 44% in the third quarter, according to its financial results. 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