Tesla Holds onto Bitcoin Assets; Announces Q3 Financial Insights

Tesla confirms it did not part with any of its Bitcoin holdings in Q3 2023. Meanwhile, the company's stock value and revenue faced slight downturns, but preparations for the CYBERTRUCK launch are in full swing.
Tesla Holds onto Bitcoin Assets; Announces Q3 Financial Insights

Key Takeaways

  • Tesla did not sell any of its $312M Bitcoin holdings in Q3 2023.
  • Tesla’s Q3 revenue reported at $23.35 billion, slightly lower than projections.
  • Tesla gears up for CYBERTRUCK launch with over 125,000 units in pilot production.

Bitcoin Holdings Stable

In a significant update from the automotive giant, Tesla revealed that it did not sell any portion of its $312,000,000 Bitcoin (BTC) holdings in Q3 2023. This move follows the company’s trend from the past few quarters where it refrained from Bitcoin transactions. The value of Tesla’s Bitcoin assets saw a slight dip of $9,000,000 from Q2 2023. It’s worth noting that Tesla last made a Bitcoin transaction in Q2 2022 when it offloaded approximately 75% of its Bitcoin assets, which were then valued at $936 million. The company had made a major purchase of $1.5 billion in Bitcoin in the beginning of 2021.

Financial Performance and Stock Update

Tesla’s stock experienced a decline, falling by 4.78% which positioned it at a closing value of $242.68 per share. The company’s revenue figures for Q3 stood at $23.35 billion, a figure slightly lower than the projected $23.9 billion. An interesting highlight from the update was the announcement regarding the CYBERTRUCK. Tesla has ramped up its pilot production, achieving over 125,000 units. This is in anticipation of the CYBERTRUCK’s launch set for November.

Earnings and Cost Management

The company reported Q3 earnings which adjusted to 66 cents per share, which fell short of the 73 cents expectation. A key point from the shareholder presentation indicated a reduction in the company’s cost of goods sold per vehicle, bringing it down to approximately $37,500 in Q3.

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