Despite posting a 20% surge in second-quarter profit to $2.7 billion, compared to the $2.3 billion for the same period a year earlier, Tesla's shares fell over 4% in after-hours trading on Wednesday.
The surge in profit was driven by higher car sales following a series of recent price cuts, with revenues during the quarter surging 47% to $24.9 billion, a record for the company.
Tesla confirmed its production target of 1.8 million vehicles for all of 2023, but said production in the third quarter would be "a little bit down" due to "some shutdowns" and "factory upgrades".
The company also confirmed that initial delivery of its cybertruck is on track for this year, but provided no precise specifications or start of delivery dates for the vehicle.
