The global automotive industry witnessed a measurable recovery last year following the pandemic-led disruptions. The global auto industry registered a healthy 5.3% increase in sales in 2021. Despite rising interest rates and elevated prices, U.S. vehicle sales rose 2.8% month-over-month in September. Moreover, new-vehicle sales in the United States were remarkably stable in the third quarter.
Electric vehicle (EV) giant Tesla, Inc. (TSLA) fiscal third quarter (ended September 30, 2022) results show improvement, but the company missed revenue estimates. Its total revenue for the quarter increased 56% year-over-year to $21.45 billion but missed the consensus estimate by 2%. Its non-GAAP net income increased 74.5% year-over-year to $3.65 billion. Its non-GAAP EPS came in at $1.05, representing a 69.3% increase year-over-year.
