Summary
- Tesla released its Q2 2024 earnings report, showing a profit for the 20th consecutive quarter
- Q3 2024 revenue was $25.182 billion, with a profit per share of $0.72, exceeding profit expectations but falling short of revenue expectations
- Tesla announced plans to make EVs more affordable and launch new models in the first half of 2025
- In Q3 2024, Tesla delivered 462,890 vehicles and produced 469,796 vehicles
- Overall, Tesla has been showing growth in vehicle deliveries and production throughout 2024, with both exceeding expectations except for a slight dip in sales in Q2 2024 from the previous year.
Article
Tesla Q2 2024 Earnings Report
In the latest Tesla Q2 2024 earnings report, the electric automaker once again turned a profit, marking 20 consecutive quarters of profitability. While Tesla exceeded profit expectations, it fell slightly short of revenue estimates. The financial details from the report include $25.182 billion in revenue and a profit per share of $0.72 under Non-GAAP accounting. Analysts had predicted revenue of approximately $25.46 billion and a profit per share of $0.60.
Tesla Q3 2024 Highlights
Tesla reported strong results in Q3 2024, with growth in vehicle deliveries both sequentially and year-on-year, resulting in record third-quarter volumes. The company also saw its second-highest quarter of regulatory credit revenues. The cost of goods sold per vehicle reached its lowest level ever at around $35,100. Tesla emphasized the importance of making electric vehicles (EVs) more affordable for everyone and announced plans to launch more affordable models in the first half of 2025.
Looking Back at Tesla’s Performance
In Q2 2024, Tesla delivered 443,956 vehicles, slightly above expectations. The breakdown included 422,405 Model 3 and Model Y deliveries and 21,551 Model S, Model X, and Cybertruck deliveries. Production figures stood at 410,831 vehicles. In Q1 2024, Tesla delivered 386,810 vehicles, with the Model 3 and Model Y accounting for the majority of deliveries. The combined production figure for all models was 433,371.
Tesla’s Previous Quarters Performance
In Q4 2023, Tesla delivered a total of 484,507 vehicles, with the Model 3 and Model Y constituting the majority. Production levels reached 494,989 vehicles for all models. Throughout 2023, Tesla delivered 1,808,581 vehicles and produced 1,845,985 units, with the Model 3 and Model Y leading in both delivery and production figures.
Future Plans and Initiatives
Tesla is preparing to launch new vehicles, including more affordable models, in the first half of 2025. This aligns with the company’s mission to accelerate the world’s transition to sustainable energy and make EVs more accessible to a broader range of consumers. By focusing on affordability and total cost of ownership per mile, Tesla aims to compete with all forms of transportation.
Conclusion
Tesla’s Q2 2024 earnings report showcases the company’s continued profitability and growth in vehicle deliveries. With plans to introduce more affordable models and maintain a focus on sustainability, Tesla is poised to further solidify its position in the electric vehicle market. Stay tuned for further updates on Tesla’s performance and initiatives following the conference call later today.
Read the full article here
