Tesla (NASDAQ: TSLA) has now disclosed its earnings for the third quarter of 2024, managing to post quite strong results relative to Wall Street's depressed expectations.
You will find Wall Street's consensus estimates for the company's latest earnings in the above snippet (source).
Tesla (TSLA) Q3 2024 Earnings
Revenue In Millions Of Dollars
Tesla has reported $25.182 billion in revenue for the third quarter of 2024, slightly missing consensus expectations of $25.290 billion.
Tesla's Segmental Revenue In Millions Of Dollars
The EV giant deployed 6.9GWh of energy storage products in the third quarter of 2024. The above chart gives a segmental overview of Tesla's top-line metric.
The following snippet summarizes the EV giant’s production activities during the quarter:
As we reported earlier this month, Tesla delivered 462,890 units in Q3 2024 against a production level of 469,796 units.
Tesla's Auto Gross Margin (ex-Regulatory Credits) In Percents
Moreover, Tesla's auto gross margin (ex-Regulatory Credits) printed at 17.05 percent for the just-concluded quarter against expectations of 14.90 percent. Nonetheless, do note that this metric is expected to come under pressure in Q4, especially as Tesla has now announced a 0 percent financing offer in the US, sans FSD subscription requirement, which was mandated in the earlier iteration of the offer.
In another bit of good news, Tesla's cost of goods sold per vehicle has now declined to ~$35,100, constituting its lowest level to date.
Finally, the EV giant has announced $0.72 in non-GAAP (adjusted) EPS, beating consensus expectations of $0.60.
The following snippet summarizes the company's latest guidance:
At the time of publication, the EV giant's stock is up around 7 percent in after-hours trading. Investors appear to be particularly relieved as the company's auto gross margin (ex-RC) metric is again on an upward trajectory.
BREAKING: Tesla suggests that they expect to deliver upwards of 515,000 vehicles in Q4, which would be a record high.
"Despite ongoing macroeconomic conditions, we expect to achieve slight growth in vehicle deliveries in 2024. Energy storage deployments are expected to more than… pic.twitter.com/qcWjt1MsQy
— Sawyer Merritt (@SawyerMerritt) October 23, 2024
Also, Tesla stated in its guidance:
"Plans for new vehicles, including more affordable models, remain on track for start of production in the first half of 2025."
Bear in mind that Elon Musk had announced during the Cybercab reveal event on the 10th of October that the "completely autonomous" unsupervised FSD for Models S, 3, X, and Y will start rolling out next year in Texas and California, and the Cybercab will officially launch "before 2027."
ELON MUSK FORECASTS 20-30% TESLA VEHICLE GROWTH NEXT YEAR
MUSK SAYS CYBERCAB WILL REACH VOLUME PRODUCTION IN 2026
ELON MUSK AIMS FOR 2 MILLION TESLA CYBERCAB UNITS PER YEAR— zerohedge (@zerohedge) October 23, 2024
Elon Musk said during the earnings call that the Cybercab will reach volume production of 2 million units per year in 2026. Moreover, total EV volumes are expected to grow between 20 and 30 percent in 2025.
About the author: Writing is my one incontrovertible passion. Over the past six years, he has authored over 2,200 distinct articles on financial and tech-related topics, spanning nearly 1 million words. And he has been a member of Wcctech mobile team since 2025. As an alumnus of the University of Toronto, Rotman Commerce Program, I bring nuance, in-depth knowledge, and a unique perspective to every topic that I cover. When I'm not writing, I'm traveling the world, exploring hidden confectionaries and restaurants as an aspiring food connoisseur.
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