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Tesla's revenue for the third quarter came in at a record $21.45 billion on Wednesday but fell short of analyst estimates of $21.96 billion. Shares fell over 6% in after-market trading.
Tesla CEO Elon Musk said he expected the company would miss its vehicle delivery targets this year, but downplayed concerns about softening demand after the company's revenue missed Wall Street estimates.
He told analysts in a conference call there was excellent demand for the fourth quarter, addressing investor concern that buyers could be discouraged by the weak global economy and high prices for Tesla vehicles.
But he said some logistics challenges would persist, with fourth-quarter deliveries tracking under 50 percent growth while production hit 50 percent growth.
"I wouldn't say we're recession proof, but it's certainly recession resilient," Musk said.
Tesla's third-quarter automotive gross margin was 27.9%, also 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 U.S. dollar strengthened against major currencies.
Musk also said the company has the ability to do a stock buyback in the range of $5 billion to $10 billion, pending board review and approval.
(With input from Reuters; Cover photo via CFP)
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Disinformation report hotline: 010-85061466