Tesla Q3 2018 Earnings Report: Record Revenue, Turns Profit
Tesla has just released its Q3 2018 earnings and financial reports.
Looking Back –
Financial results for the third quarter of 2018 are as follows:
- Revenue of $6.82 billion
- Profit of $2.90 per share
Here’s what Wall Street expected, based on a number of estimates of analysts polled by Refinitiv:
- Losses: 15-19 cents per share
- Revenue: $6.33 billion
Here’s how it appears in the report:
Financials aren’t really our thing here at InsideEVs though, so let’s move on to what concerns us most.
The hot topic item in any recent Tesla report is the Model 3. In regards to that, Tesla stated:
The Model 3 production system stabilized in Q3. We went from a steep S-curve to more gradual monthly improvements. Among other things, we made the changes necessary to enable production of an All-Wheel Drive (AWD) version of Model 3, and we did this without disrupting our production rate. We started the quarter producing only Rear Wheel Drive (RWD) Model 3s and ended the quarter producing almost entirely AWD cars. Even though AWD cars are significantly more complex to build, we produced 5,300 Model 3s in the last week of Q3.
Labor hours per Model 3 decreased by more than 30% from Q2 to Q3, falling for the first time below the level for Model S and X.
Beyond that, Tesla provided an overall update on all three of its vehicles, stating:
In Q3, we delivered 27,710 Model S and X vehicles to customers. While demand in China remains challenging due to a 40% import duty for Model S and X, China deliveries still remained a material portion of our Q3 deliveries, and we managed to offset the decline there with growth in North America and Europe.
A comment was made in regards to Model 3 new orders too:
You’ll find an overload of additional information in the full release from Tesla posted below, as well as new details when the conference call gets underway later this evening: