Travis Axelrod -- Head of Investor Relations

Great. Thank you very much, Elon. And Vaibhav has some opening remarks as well.

Vaibhav Taneja -- Chief Financial Officer

Thanks. Our Q3 results were positive and once again demonstrate the scale to which the business has evolved or with generation of record operating cash flows of $6.3 billion. Our automotive revenues grew both quarter on quarter and year on year. While we had unit volume growth, we did experience a reduction in ASPs primarily due to the impact of financing incentives.