The Austin, Texas, electric vehicle and solar panel maker posted net income of $3.29 billion from July through September.
CEO Elon Musk said on the company's quarterly conference call that the Tesla is considering a $5 billion to $10 billion stock buyback next year, even if the economy stumbles.
Tesla will fall short of its target of 50% annual growth in vehicle deliveries this year, Chief Financial Officer Zachary Kirkhorn said during the conference call, but he was later contradicted by Musk. "To the best of our knowledge, we believe that Tesla will continue to grow deliveries and revenue, production at a 50% or greater compound annual growth rate," Musk said, qualifying his statement by adding that some years may be lower, and some higher.Earlier this month, Tesla for the July-September period compared to the second quarter as the company's huge factory in China got past supply chain issues and pandemic restrictions.
So far this year, the company has delivered 908,573 vehicles. Last year, the company delivered just over 936,000 vehicles. To increase sales by 50% over last year, which would amount to about 1.4 million vehicles, the company would have to sell more than 490,000 vehicles in the fourth quarter. "We're not saying it's quite ready to have no one behind the wheel," he said, but he added that humans almost never have to touch controls.
On the stock buyback, Musk said Tesla's board has debated the idea and generally thinks it would make sense."It's likely that we'll do some meaningful buyback," he said.
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