In its most recent quarterly financial report, Tesla (NASDAQ:TSLA) revealed a halt in its cryptocurrency activities. The data disclosed that the electric vehicle giant refrained from engaging in any Bitcoin transactions during Q3, 2023, marking the fifth consecutive quarter where Tesla avoided active involvement in the cryptocurrency market. As of the end of the third quarter, the company’s Bitcoin holdings stood at approximately 9,720 bitcoins, equivalent to a market valuation of around $275.6 million.

Tesla’s decision to abstain from Bitcoin transactions coincides with noticeable shifts in its overarching business strategies. The Q3 report highlighted the company’s key objectives, focusing on reducing costs per vehicle, maximizing delivery volumes, and sustaining investments in artificial intelligence (AI) and growth projects. Notably, the cost of goods sold per vehicle experienced a decline, reaching approximately $37,500 in this quarter.

Despite challenges related to newer manufacturing units with higher production costs than their older counterparts, Tesla took proactive steps. During Q3, the company initiated upgrades, aiming for further reductions in unit costs. Tesla’s report emphasized its belief that genuine industry leadership aligns with cost leadership, especially in the fiercely competitive electric vehicles sector.

Moreover, in the face of a rising high-interest rate environment, Tesla’s strategy remains clear. The company is dedicated to enhancing investments in research and development (R&D) and capital expenditures for future growth initiatives. Simultaneously, it maintains a focus on maintaining a positive free cash flow, which reached $2.3 billion year-to-date. This financial prudence has strengthened Tesla’s cash position and overall stability.

A notable highlight in Tesla’s quarterly update was its strong emphasis on artificial intelligence. The company reported a twofold expansion of its AI training compute capacity. This expansion is crucial for the development of projects like the Optimus robot, showcasing Tesla’s commitment to advancing AI technologies.