"The firm said revenue for the three months to the end of September hit a record $28bn (21bn), up 12% from the same time last year. But the company's profits dropped by 37% for the same period, partly due to extra costs linked to tariffs and research. The results come ahead of a vote by shareholders in November on a new pay package for chief executive Elon Musk that could be worth as much as $1tn (749m)."
"The company's roughly $1.4tn stock market valuation has been driven in recent months by investor confidence that Musk can deliver on his ambitions to transform Tesla into a global leader in artificial intelligence (AI) and robotics. But sales of vehicles currently remain its main source of income while those new products are being developed. Tesla, like other car makers around the world, is facing tough competition from Chinese rivals such as China's BYD."
Tesla reported record quarterly revenue of $28bn for the three months to the end of September, a 12% increase year-on-year. Profits fell 37% for the same period, driven in part by extra costs linked to tariffs and research. US buyers rushed to secure a tax credit on electric vehicle purchases before it ended last month, boosting sales. Shareholders will vote in November on a proposed pay package for Elon Musk that could be worth up to $1tn. Shares fell about 3.7% in extended trading. Vehicle sales remain the main income source, while competition from Chinese rivals such as BYD intensifies.
Read at www.bbc.com
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