Tesla Q3 Profits Drop 37% as Price Cuts Fail to Boost Sales

Tesla's adjusted Q3 profit fell 37% as operating margin eroded and costs rose. Price cuts failed to boost sales.

Elon Musk's strategy of lowering prices to increase sales volume has not worked as planned.

Factory upgrades and shutdowns cut into Tesla's Q3 production and delivery volumes.

Tesla has lost EV market share to competitors like BYD, making investors nervous.

Tesla must deliver a record 476k vehicles in Q4 to meet 2022 delivery guidance of 1.8 million units.