Tesla's Q3 Earnings Drop 37% as Musk Raises Concerns about Cybertruck

Tesla reported a 37% decline in earnings and a 9% increase in revenue for the third quarter, with the lowest earnings in two years for CEO Elon Musk. The company's gross profit margin also slid. Tesla announced that Cybertruck deliveries will begin next month, but Musk warned investors that it will take a year to 18 months before the Cybertruck becomes a significant positive cashflow contributor. Musk also mentioned the challenges in reaching volume production with the Cybertruck and projected that Tesla will produce around 250,000 units per year by 2025. Tesla's stock initially rose after the Cybertruck delivery event but fell during the low-buzz earnings call. The company also missed delivery expectations for the third quarter and has been aggressively cutting vehicle prices throughout the year.