Tesla reported Wednesday reported revenue of $21.45 billion in the third quarter, another record-setting period that still missed analysts expectations.
Shares fell 3.5% in after-hours trading following the earnings release.
Tesla’s net income for the third quarter was $3.3 billion nearly double the $1.62 billion it earned in the same period last year. The company said profits were squeezed by increases in raw material costs as well as issues ramping up production at its Germany and Texas factories as well as 4680 battery cell production. Tesla also cited a strengthening dollar as another factor in its third quarter results.