In the third quarter, Tesla’s Cybertruck outsold all other EVs produced by the company to become the third-best-selling electric car in the US. The Model Y SUV and Model 3 sedan were the only two cars that sold better.
Despite initially selling at its most costly trim level, the controversial vehicle achieved this feat. It also shows how difficult it has been for big manufacturers like Ford and General Motors to attract buyers for their own electric vehicles.
With more than 16,000 purchases last week, Kelley Blue Book, an automotive research group, ranked Tesla’s Cybertruck sales as the third-best.
According to Ford’s sales figures, the company sold slightly over 13,000 Mustang Mach-E SUVs and over 7,000 F-150 Lightnings in the third quarter. Although GM’s new Blazer and Equinox EVs seem to have had some early success, the company only sold around 32,000 EVs overall in the most recent quarter. Only around 3,800 of Rivian’s original electric pickups were delivered.
When Tesla announced its third-quarter financial results on Wednesday, it verified the third-best achievement. Additionally, Tesla said that the Cybertruck had a positive gross margin, which is a metric used to quantify profitability and is determined by deducting the cost of goods sold from revenue.
In addition, Tesla reported $25.2 billion in revenue and a $2.2 billion profit for the quarter. Sales of regulatory credits to other manufacturers were $739 million, which increased Tesla’s earnings. This is the second-highest amount the company has ever sold in a quarter, after the second quarter of this year, when it sold $890 million worth.
Tesla said that the fact that it began delivering its Actually Smart Summon function and its Full Self-Driving (Supervised) software to Cybertruck customers increased its earnings by enabling the business to record a portion of the upfront payments made by owners as revenue.
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Tesla’s profit margin is also influenced by its unrelenting cost-cutting. The cost of goods sold per car has decreased to $35,100, according to Tesla’s letter to shareholders.
After-hours trading saw a more than 9% increase in Tesla’s stock price thanks to those Q3 numbers.
However, cost-cutting isn’t beneficial for every aspect of the company. Tesla posted its weakest growth in years, with a 20% year-over-year increase in Supercharger stations.
As part of a big layoff that affected the whole firm earlier this year, Tesla dismantled its Supercharger team before beginning to hire back some of its employees.
