Tesla Q3 Revenue Hits $28B Despite 37% Profit Drop

Tesla reported record third-quarter revenue of about $28.1 billion; GAAP net income fell roughly 37% year‑on‑year to about $1.4 billion and adjusted EPS was $0.50, missing estimates, while operating income declined about 40%. Deliveries rose to roughly 497,000 (production about 447,000), helped in part by U.S. buyers rushing to claim a $7,500 federal EV tax credit before it expired and by price cuts and low‑interest loans that boosted volumes but compressed margins. Management cited tariffs, higher restructuring costs and declining regulatory‑credit revenue as major drags even as automotive revenue rose about 6%, energy generation and storage jumped about 43%, and services revenue increased about 24.6%. Tesla ended the quarter with roughly $41.6 billion in cash, and investors pushed the stock lower in after‑hours trading. Market attention is focused on the upcoming earnings call for updates on Robotaxi, Optimus and other robotics/AI plans, and on a Nov. 6 shareholder vote on CEO Elon Musk’s multibillion‑dollar pay package.