Elon Musk’s Tesla posted its highest-ever revenue in the third quarter after production at its Shanghai production surged by 30%, Nikkei Asia reported on Thursday.
The electric car giant described Shanghai as its “main export hub” outside of North America, after posting delivery figures of 343,830 vehicles in the three months to the end of September, up from 254,695 delivered in the second quarter.
However, analysts said its Q3 earnings of $21.45 billion missed expectations, of about $22.1 billion, and that led to the carmakers shares falling over 5% after the announcement. However, it managed to claw back 0.8% in later trading.
The company says it still expects to see 50% average annual growth rate on vehicle deliveries for the year.
But the company admitted that it is facing some headwinds from the increased cost of raw materials, plus inefficiencies at its Gigafactory in Berlin.
The strengthening dollar is also impacting Tesla sales abroad, cutting into profitability.
- By Alfie Habershon and Jim Pollard
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