Tesla has delivered its biggest-ever quarterly revenue yet still saw profits tumble, highlighting the challenges facing the electric vehicle (EV) giant and CEO Elon Musk.

For the third quarter, Tesla reported revenue of US$28.1 billion (A$43 billion), up 12% year-on-year, driven by record vehicle deliveries and surging energy-storage deployments. Free cash flow hit a record US$4 billion.

The company delivered nearly 497,100 vehicles, including Model 3 and Model Y variants, as US buyers rushed to claim a $7,500 federal EV tax credit before it expired on September 30.

Despite the revenue surge, Tesla’s net income fell 37% to US$1.4 billion, missing analyst expectations.

Earnings per share came in at US$0.50, down from US$0.81 a year ago. Wall Street reacted with a 1.3–1.8% dip in after-h

See Full Page