Tesla surpasses estimates in Q3 despite lower vehicle revenue
Tesla achieved profits and revenues that exceeded expectations in the third quarter, despite a 3% year-over-year decline in automotive revenue to $20.56 billion and a 16% drop in energy segment revenue to $2.88 billion. The company reported an adjusted earnings per share of 48 cents and total revenue of $28.05 billion. However, free cash flow was significantly impacted, dropping by 62% to $1.53 billion due to ongoing heavy investments in artificial intelligence and robotics. The company also showed growth in its partial autonomous driving system, continued working on licensing in new markets, and recorded record vehicle sales in several countries despite competitive challenges in its core markets.
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