Logistics hurdles led to fewer-than-expected vehicle deliveries by the world’s most valuable automaker.
Tesla on Wednesday posted record third-quarter revenue but still missed Wall Street estimates as the electric carmaker led by billionaire Elon Musk delivered fewer vehicles than expected, while spending on new factories and new battery production squeezed margins.
The company’s third-quarter automotive gross margin was 27.9%, missing analysts’ estimates and down from 30.5% a year earlier. The company said it had a negative foreign exchange impact of $250 million on its earnings, as the US dollar strengthened against major currencies. “Logistics volatility and supply chain bottlenecks remain immediate challenges, although improving,” Tesla said.
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