Summary
- Tesla produced a total of 469,796 vehicles in Q3 2024
- Q3 revenue was $25.18 billion, with automotive revenue at $20.02 billion
- Earnings per share for Q3 2024 was $0.72 on a non-GAAP basis
- Tesla posted $2.7 billion GAAP operating income in Q3
- COGS per vehicle came down to its lowest level ever at ~$35,100 in Q3 2024
Article
Tesla reported its Q3 2024 earnings after markets closed, revealing that it produced a total of 469,796 vehicles and delivered 462,890 vehicles during the quarter. Revenue for the third quarter was $25.18 billion, with $20.02 billion coming from automotive revenues. The company’s non-GAAP earnings per share were $0.72, while GAAP EPS was $0.62. Operating income for Q3 was $2.7 billion, with net income of $2.2 billion on a GAAP basis and $2.5 billion on a non-GAAP basis. Operating cash flow was $6.3 billion, with free cash flow at $2.7 billion.
In Q3 2024, Tesla focused on operational milestones such as increasing its AI training compute by over 75% and achieving its lowest cost of goods sold per vehicle at ~$35,100. The Cybertruck became the third best-selling electric vehicle in the U.S. in the third quarter, following the Model Y and Model 3. Additionally, over two billion miles were driven cumulatively on Tesla’s Full Self-Driving (FSD) Supervised system, with more than 50% being on FSD V12. The company also noted the preparations for launching new vehicles, including more affordable models, in the first half of 2025.
Analysts expected Tesla’s Q3 2024 revenue to reach $25.47 billion, slightly higher than the reported $25.18 billion. Non-GAAP EPS of $0.72 and GAAP EPS of $0.62 exceeded analyst expectations of $0.59 per share. The company’s cash and investments increased by $2.9 billion in the third quarter, reaching a record high of $33.6 billion. Tesla’s impressive financial performance was highlighted by its $2.7 billion operating cash flow and the optimization of its operations to achieve its lowest COGS per vehicle.
The electric vehicle maker continues to demonstrate its profitability and efficiency as it focuses on expanding its product lineup and enhancing its autonomous capabilities. The company’s commitment to innovation is evident in its operational achievements during the third quarter, such as the increased AI training compute and the success of the Cybertruck in the EV market. Tesla’s strong financial performance, operational milestones, and strategic initiatives position it as a leader in the electric vehicle industry and a key player in the future of transportation.
Overall, Tesla’s Q3 2024 earnings report reflects the company’s continued growth and success in the electric vehicle market. With impressive production and delivery numbers, strong financial performance, and a focus on innovation and operational efficiency, Tesla is well-positioned to maintain its leadership in the industry and drive forward the transition to sustainable transportation. Investors and industry stakeholders can expect further advancements and achievements from Tesla in the coming quarters as it continues to push the boundaries of what is possible in the world of electric vehicles and autonomous driving technology.
Read the full article here
