Tesla achieved a record-breaking quarter with its highest revenue ever, thanks to its strong vehicle deliveries and production with 466,140 EVs delivered and 479,700 produced. The company also increased its net income by 20% from last year, showing its profitability and growth potential. Tesla’s automotive revenue rose 46% year-over-year to $21.27 billion, reflecting its leadership and innovation in the electric vehicle market.
Tesla also made significant progress in its R&D efforts, as it started production of its Dojo training computers, which will enable it to be at the forefront of AI development. Tesla’s operating margin was lower than previous quarters, but this was mainly due to the costs of ramping up production of its own battery cells, which will give it a competitive edge in the long run. Tesla also said it continues to target 1.8 million vehicle deliveries this year, despite some challenges due to summer shutdowns for factory upgrades.
One of the most exciting news from Tesla was the announcement that the first Tesla Cybertruck has been built in Giga, TX. The Cybertruck is a futuristic electric pickup truck that features a stainless steel exoskeleton, a bulletproof glass, and a tri-motor all-wheel drive system. The Cybertruck is expected to start deliveries in late 2023 or early 2024, and has already received over one million reservations. The Cybertruck will be a game-changer for the truck market and will showcase Tesla’s vision and creativity