Deliveries of the Tesla Cybertruck will officially begin on November 30. Presenting the financial data for the third quarter of 2023, the automaker confirmed that it will keep also an event for the delivery of the first units of the electric pickup. The company added that, currently, it is pilot production of the new model is underway at the Texas Gigafactory.
The third quarter financial report provides further interesting data: the capacity of annual production of the Cybertruck. Tesla declares acapability (installed) of over 125 thousand electric pickups per year. To understand how long it will take really the car manufacturer to bring the construction of the electric pickup up to speed. Elon Musk, in fact, underlines that the Cybertruck presents complexities unique ones that affect the production ramp. Tesla's number one adds that production will increase progressively over the years and estimates that by 2025 it could even reach 250 thousand.
All this in theory, only over the next few months will we be able to really find out how it will go. the production trend of the new electric pickup. Unfortunately, no details have been shared yet regarding final specifications and pricing. Probably, it will be necessary to wait until November 30th to find out more.
In about 6 weeks, therefore, deliveries of the Cybertruck will finally begin which, we remember, was presented in 2019. The pickup will be proposed in different variations. At the time of the presentation, Tesla announced that the top version had 3 electric motors with acceleration from 0 to 60 miles per hour (96 km/h) in just 2.9 seconds. Some time later, in 2021, Elon Musk announced plans for a version of the Cybertruck equipped with 4 electric motors. More recently, Elon Musk made it known that there would also be a Performance version.
So, we just have to wait a few more weeks to find out more.
DRIVING MARGINS 
As mentioned, the new features of the Cybertruck arrived at the same time as the presentation of the economic data for the third quarter of 2023. Tesla obtained a result below analysts' expectations. Among other factors, cuts in the prices of its vehicles, which continue to reduce margins, weigh heavily.
In the third quarter, Tesla reported revenue of $23.35 billion. By comparison, analysts expected revenue of $23.9 billion. Total revenue grew 9% year-over-year in the third quarter despite the challenging quarter (declining production and deliveries).
Tesla's non-GAAP earnings per share for the first quarter of 2023 were reported. was $0.66 (-33% compared to Q3 2022). In comparison, analysts had expected around $0.72. GAAP net earnings per share are was equal to $0.53 (-44% compared to Q3 2022), lower than the analysts' forecast of $0.64. Tesla reported net profit (GAAP) down 44% to $1.85 billion.
Gross margin was was equal to 17.9% compared to 18.2% last quarter and 25.1% a year ago. Tesla posted an operating margin of 7.6% in the third quarter. In the second quarter of 2023, the margin was already dropped to 9.6%. A year ago (Q3 2022) it was even 17.2%.
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