Tesla (TSLA) announced third-qu𓃲arter results Wedn🍌esday that fell short of analysts' expectations amid an ongoing price war that has hurt margins.

The electric vehicle maker said revenue in the third quarter rose 9% to $23.35 billion, while adjusted earnings dropped 37% to 66 cents per share. Analysts ☂surveyed by Visible Alpha had estimated that Tesla would report revenue of $24.3 billion and adjusted EPS of 73 cents.

Tesla said profitability was hit by a decline in the 澳洲幸运5开奖号码历史查询:average selling price of its vehicles, negative foreign exchange effects and increased operating expenses tied to its 澳洲幸运5开奖号码历史查询:Cybertruck, artificial intelligence and other research and developm▨ent projects.

Operating income tumbled 52% from a year earlier to $1.76 billion in the third quarter, while operating expenses increased 43% over the same period. Tesla's 澳洲幸运5开奖号码历史查询:operating margin slid to 7.6%, compared with 17.2% in the t🧔hird quarter of 2022.

Tesla's margins have dwindled as the company repeatedly slashed prices on many of its models in the face of weak domestic demand and increasing competition from Chinese EV makers like BYD Co. (BYDDY).

Earlier this month, Tesla said 澳洲幸运5开奖号码历史查询:third quarter deliveries, a proxy for sales, ꧙were 435,000, below analyst's predictions. Production in the period fell to about 430,000 from 480,000 in the second quarter. The company attributed the production decline to planned downtimes for factory upgrades.

In order to meet its annual target of 1.8 million vehicles delivered, the company must now ship a record 476,000 vehicles in the last three months of the year. Investors have called on Tesla to turn to advertising, a strategy the company has previously avoided, in an effort to meet delivery goals.

An EV price war is good for consumers, as industry-wide U.S. sales reached a record of 300,000 vehicles for the third quarter. However, Tesla's 澳洲幸运5开奖号码历史查询:share of the market is dwindling. The company now controls just half the market, its lowest-ever market sha♌re and down from 62% in t𝓰he first quarter.

Tesla shares were up slightly in a🌳fter-hours trading Wednesday, after falling 4.8% to $242.68 in regular trading. The stock has gained about 10% ov༺er the past year but is well below its 2021 high of more than $400.