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Tesla Q3: 19.6% gross margin and 1.74M active FSD subscriptions
Tesla reported its third-quarter results with a 19.6% gross margin (16.8% previously) and a 2.6% operating margin (1.4% previously). Regulatory credits fell to $116 million from $146 million the previous quarter. Annual Model Y capacity in Austin rose from over 250,000 to over 375,000 units, and Megapack capacity in Texas reached 50 GWh. The FSD attach rate on new vehicles in North America climbed to 75%, and active subscriptions reached 1.74 million. The company reported 3.3 million unsupervised Robotaxi miles.…
- Gross margin rises to 19.6% from 16.8% last quarter.
- Active FSD subscriptions reach 1.74 million, up from 1.48 million.
- New goal of 5 million vehicles a year by 2030, announced on the call.
🔎 Why it matters: This quarter pairs higher margin (19.6% gross) with 1.74 million active FSD subscriptions, according to the shareholder presentation.
📈 Upside: Operating margin nearly doubled, from 1.4% to 2.6%, according to the shareholder presentation.
📉 Risk: Regulatory credits fell to $116 million, from $146 million last quarter and $417 million a year ago.
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