Tesla's Resilience: Surpassing Wall Street Expectations Despite Headwinds

Tesla announced slight growth in vehicle deliveries and an impressive third-quarter profit that exceeded Wall Street predictions. The cost of producing vehicles fell to a record low, boosting investor confidence. Despite macroeconomic challenges, Tesla remains committed to expanding its product line and investing in AI and production capacity.

Tesla has announced a slight increase in vehicle deliveries for this year, alongside a third-quarter profit that has surpassed Wall Street's forecasts.

The company achieved this success by reducing the costs of making their cars to an unprecedented low, boosting share prices by 7% after hours.

Elon Musk, Tesla's CEO, is steering the company towards a future in autonomous driving and artificial intelligence, despite previous investor concerns about lacking detailed business strategies in these areas.

This month has seen Tesla's stock fall nearly 20%, though recent reports offer hope to shareholders.

The company has reported record vehicle delivery volumes in the third quarter, and the cost per vehicle has dropped to its lowest point at around $35,100.

Tesla achieved an adjusted profit of 72 cents per share, surpassing the 58 cents average estimate.

Falling prices of raw materials for EV batteries contributed to cost reductions, though these savings are expected to decrease over time.

The profit margin from vehicle sales improved to 17.05% in the third quarter, excluding regulatory credits, contrary to Wall Street's expectations of 14.9%.

September-quarter deliveries were up by over 6% year over year, marking the first growth period after a mid-year decline.

Tesla adapted its previous strategy of price cuts by offering cheaper financing and discounts, helping stabilize profit margins.

(With inputs from agencies.)