Tesla delivered mixed third-quarter earnings, with increased revenue due to record sales as people rushed to buy an EV before the tax credit expired on September 30. However, profits plunged 37% as Tesla increased spending while also losing carbon credit revenue. The earnings call was notable for lacking guidance on new vehicle models, as Tesla is now busy building a "robot army" for Musk.
Tesla has been largely a disappointment to investors over the past year or so, but the third quarter was one of its strongest. Vehicle sales rose significantly as people in the US rushed to buy an electric car before the federal tax credit expired on September 30. A similar trend was recorded in China, where September is traditionally the best month of the year. Surprisingly, Tesla also delivered a record number of EVs in Europe, where the Model Y was the best-selling car in September.
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