"Tesla's Record Revenue Can't Save Slipping Profits"

Tesla Profits Slide Despite Record Revenue Amid US Tax Credit Rush Tesla's profits took a significant hit in the third quarter, despite the company reporting a record-breaking revenue of $28 billion, according to the firm's latest financial results. The sharp decline in profits, which dropped by 37% for the same period last year, has raised concerns among investors and analysts. The results come ahead of a crucial vote by shareholders in November on a new pay package for CEO Elon Musk, which could be worth as much as $1 trillion. The record revenue was largely driven by US buyers rushing to secure a key tax credit on electric car purchases before it ended last month. Tesla's sales team took advantage of the surge in demand, rolling out a six-seat version of its Model Y vehicle. However, the company's profits were affected by extra costs linked to tariffs and research, according to the firm's financial reports. Tesla's financial results have been closely watched by investors and analysts, who are eager to see how the company will navigate the increasingly competitive electric vehicle market. The company's shares were down by around 5% in early trading on the news, according to market reports. Despite the decline in profits, Tesla's revenue growth has been impressive, with the firm's quarterly revenue up 12% from the same time last year. The vote on Elon Musk's new pay package is expected to be a closely contested issue, with some shareholders expressing concerns about the potential impact on the company's finances. According to a report by Bloomberg, some investors have questioned the wisdom of awarding Musk a pay package worth as much as $1 trillion, citing the company's declining profits and increasing competition in the electric vehicle market. Tesla's financial results have been affected by a range of factors, including the ongoing trade tensions between the US and China. The company has faced higher tariffs on its imported components, which have added to its costs. However, according to a statement from Tesla's CEO Elon Musk, the company is committed to investing in research and development to drive innovation and growth. "We are committed to investing in research and development to drive innovation and growth," Musk said in a statement. "Our focus is on delivering exceptional products and services to our customers, while also driving long-term value for our shareholders." The company's financial results have been closely watched by investors and analysts, who are eager to see how Tesla will navigate the increasingly competitive electric vehicle market. As the company prepares for the vote on Elon Musk's new pay package, investors will be watching closely to see how the outcome will impact the company's finances and future growth prospects. In the meantime, Tesla's financial results have sent a clear message to investors and analysts: the company's profits may be declining, but its revenue growth remains strong. As the company continues to navigate the challenges of the electric vehicle market, one thing is clear: Tesla's financial results will remain a closely watched issue in the months and years to come.