Illustration by Alex Castro / The Verge
Tesla continues to see its margins slip due to price cuts. Today the company reported earnings of $1.9 billion in net income on $23.4 billion in revenue during the third quarter of 2023. The figures represent a small bump in revenue, from $21.4 billion the same time last year, but a big dip in profits, falling from $3.3 billion on close to the same amount of revenue.
Tesla also missed its target date for a Cybertruck delivery event. Tesla CEO Elon Musk had planned for a handover event sometime in the third quarter, and the company now plans for its first deliveries to occur on November 30th.