Tesla misses quarterly revenue expectations amid fears of slowing demand

The company posted $3.3bn in profit and $21.45bn in revenue. The results come two weeks after the electric carmaker said it produced 22,000 more vehicles than it delivered, signaling to some analysts that the company was not able to maintain demand.

The company attributed the delivery shortfall to transportation issues and said in its earnings report that it was becoming increasingly expensive to secure capacity to transport its vehicles.

Wall Street had expected the company to report $3.9m in profit and $21.96bn in revenue on Wednesday. While the company fell short, its financial results do show that Tesla was able to recover from its shaky second quarter of 2022 when it saw a drop in profit after a shutdown of its Shanghai factory and production slow downs.

The results also come as Musk nears a deal to buy Twitter, which could require him to sell more of his Tesla shares to fund the purchase.