Tesla's stock {{ m-tag option="price" ticker="TSLA" currency="USD" }} experienced significant volatility in after-hours trading following the company's failure to meet revenue and earnings expectations. Despite these setbacks, Tesla did confirm that its much-anticipated Cybertruck is slated for delivery on November 30th, 2023.

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Financial Overview:
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In its Q3 report, Tesla disclosed a top-line revenue of $23.4 billion, falling short of the anticipated $24.06 billion. On a brighter note, the revenue marked a 13% increase compared to last year's quarter. The company also reported an adjusted EPS of $0.66, below the expected $0.74, and an adjusted net income of $2.3 billion, compared to the projected $2.56 billion. This represents a nearly 37% decline in profitability year-over-year.
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Tesla's reduced profitability can be traced back to its declining margins due to cost-cutting measures initiated in the previous year. The company posted a Q3 gross margin of 17.9%, narrowly missing Wall Street's estimate of 18.0%. For context, Tesla had reported a gross margin of 18.2% in the prior quarter.

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Delivery & Production Goals:
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Despite the financial hiccups, Tesla remains steadfast in its production objectives. The company reaffirmed its 2023 production target of 1.8 million vehicles. Earlier in the month, Tesla announced global deliveries of 435,059 vehicles, predominantly consisting of Model Y and Model 3 units, along with approximately 16,000 higher-end Model X and Model S vehicles.

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Quarterly Targets & Future Projections:
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To achieve its ambitious annual delivery goal, Tesla needs a robust final quarter, aiming for approximately 500,000 deliveries. The company also expects to accelerate Model Y production at its Giga Austin and Giga Berlin facilities.
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During the earnings call, CEO Elon Musk was cautious about expanding into Mexico, citing the need to assess global economic conditions first. Musk mentioned rising interest rates as a potential growth barrier but affirmed that the Giga Mexico factory would eventually proceed.
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Future Products & Cash Flow:
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Regarding upcoming products, Tesla confirmed that Cybertruck deliveries are scheduled for later this year, with the first batch rolling out on November 30. Musk also projected that the Cybertruck would achieve positive cash flow within 18 months and anticipates an annual production rate of 250,000 units by 2025.

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