Net income fell 37% in the period ended Sept. 30, even as American shoppers raced to buy electric vehicles before a $7,500 federal tax credit expired last month.
The electric-vehicle maker’s total revenue grew 12% after a burst in automotive sales.
Tesla reported $1.4 billion in net income, down from $2.2 billion.
The third-quarter results come ahead of Tesla’s Nov. 6 annual meeting, when shareholders will vote on a new pay package for Chief Executive Elon Musk, which is potentially worth more than $1 trillion over 10 years. Tesla’s board has argued that the expensive package—which is worth an additional 12% stake—is necessary to keep Musk engaged at the company.
“Musk, who owns about 15% of the company, has said that without 25% voting power at Tesla, he would prefer to pursue his artificial-intelligence projects outside of the company. In an X post on Sunday, he threatened to leave Tesla if the package doesn’t pass. 'Tesla is worth more than all other automotive companies combined. Which of those CEOs would you like to run Tesla? It won’t be me,’ he said in response to a shareholder who questioned the package," reports the Wall Street Journal.
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