![]() Tesla offered no firm timeline for the start of production of its Cybertruck pickup, saying only that it would be produced in Texas after the ramp-up of Model Y production there. The company reiterated that deliveries of its Semi electric heavy duty truck will begin in December, and confirmed that it is producing the Semi in Nevada, where it produces battery packs for its vehicles in the US. Tesla reiterated previous guidance in its shareholder deck on Wednesday, saying: "Over a multi-year horizon, we expect to achieve 50% annual growth in vehicle deliveries." Tesla's automotive regulatory credits made up 1.5% of automotive revenues at $286 million for the quarter. Cost of revenue for the company's core automotive business rose to $13.48 billion during the quarter, up from $10.52 billion during the second quarter, in line with the increase in automotive sales. Tesla's automotive revenue came in at $18.69 billion, an increase of 55% from a year ago. Musk is expected to sell a portion of his considerable shares in Tesla to help finance the close of that $44 billion take private deal. In response to a different question, Musk also talked about his pending acquisition of Twitter, saying "I think it's an asset that has sort of languished for a long time but has incredible potential." He later added, "The long-term potential for Twitter is an order of magnitude greater than its current value." "China is experiencing a recession of sorts" mostly in the property markets, Musk said, "and Europe has a recession of sorts driven by energy." He added, "North America's in pretty good health, although the Fed is raising interest rates more than they should, but I think they'll eventually realize that and bring them down again." Shareholders asked Tesla executives about macroeconomic issues impacting their business in and beyond China. That doesn't mean it will happen or will be easy." In fact I see a potential path for Tesla to be worth more than Apple and Saudi Aramco combined. ![]() He also said, optimistically, "I'm of the opinion that we can far exceed Apple 's current market cap. Tesla is likely to do a "meaningful buyback" next year, he added, potentially between $5 billion and $10 billion pending board approval. "The factories are running at full speed and we're delivering every car we make, and keeping operating margins strong." "I can't emphasize enough we have excellent demand for Q4 and we expect to sell every car that we make for as far into the future as we can see," Musk said. On an earnings call on Wednesday to discuss the results, Musk answered shareholder questions about electric vehicle demand and a possible share buyback. During the same period last year, Tesla reported $1.62 billion in profits. Tesla's net income (GAAP) for Q3 2022 reached $3.33 billion, with automotive gross margins holding steady at 27.9%, exactly where it stood in the second quarter of 2022.
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