That Cybertruck had better be something. And actually show up in November. And sell in large quantities. But even Tesla Inc.’s usually ebullient Chief Executive Elon Musk doesn’t sound hopeful about it.

Tesla’s latest results, released Wednesday evening, were worse than the last set, which were not good at all. In fact, Tesla’s operating margin has dropped every single quarter since this time last year, down by more than half to just 7.6%. More remarkable, and concerning, are the absolute numbers. Tesla delivered roughly 91,000 more vehicles in the third quarter than in the same period last year, an increase of 27%. Its operating profit fell, astoundingly, by $1.9 billion, or more than half.