Tesla has released strong Q3 2023 financial results, highlighting continued growth and profitability. Revenue hit $23.35 billion while GAAP net income reached $1.85 billion. Production capacity now exceeds 2.3 million vehicles annually, including 125,000 for the imminent Cybertruck.
Despite missing slightly on earnings per share and revenue forecasts, robust Q3 performance proves Tesla’s operational strength. The company emphasized efficiency gains, with per-vehicle cost of goods dropping to around $37,500. Upgrades at new factories will enable further reductions.
With Model Y holding its lead as Europe’s top selling vehicle, international expansion remains in focus. Tesla also continues to rapidly scale AI computing power to train vehicle autonomy and its Optimus humanoid robot.
Q3 production approached full capacity at Gigafactory Shanghai, Tesla’s main export hub. Progress was cited on the next-gen vehicle platform leveraging 4680 cells and in-house lithium refinement.
Most excitingly, Tesla confirmed Cybertruck deliveries begin this November. With pre-orders exceeding 2 million, Tesla is gearing up for high demand by adding Model Y lines in Texas and ramping 4680 cell output.
On the energy side, Q3 deployments leapt 90% year-over-year to 4GWh. This positions Tesla Energy as a major growth vector as sustainability initiatives accelerate globally.
Other updates covered closer ties with Hertz to provide app-based rental features and an overhauled service experience for owners. Investments in digitization continue to pay dividends across the business.
Tesla heads into the remainder of 2023 firing on all cylinders. With new factories operating smoothly, critical cell production online, and the Cybertruck nearing delivery, the stage is set for continued leadership.
Q3 results and commentary reinforce Tesla has built an agile, resilient business ready to capitalize on the inevitable EV future. As Musk noted, being both an industry leader and cost leader will keep Tesla ahead of traditional automakers playing catch-up. The next phase of disruption is here.