Summary
- Tesla’s Q3 2024 earnings call follows the release of the Q3 Update Letter
- Total revenues of $25.18 billion, automotive revenues of $20.02 billion
- Elon Musk discusses Optimus program, Tesla Energy, and FSD progress
- Tesla on track for more affordable vehicles in first half of 2025
- Record Q3 for Tesla, achieved 7 millionth car production, profitable despite challenges in automotive industry
Article
Tesla’s Q3 2024 earnings call followed the release of the company’s Q3 2024 Update Letter, which reported total revenues of $25.18 billion and automotive revenues of $20.02 billion. The company also posted non-GAAP earnings per share of $0.72 and GAAP EPS of $0.62. Tesla reported $2.7 billion in GAAP operating income and a record $33.6 billion in cash reserves. The live updates from the earnings call revealed that Elon Musk discussed various topics including progress in the Optimus program and the development of Tesla Energy with Megafactories in Lathrop and Shanghai.
Elon Musk highlighted the advancements made in the Optimus program, particularly mentioning the next-generation hand with 22 degrees of freedom. He expressed confidence in Tesla having the most advanced humanoid robot in the industry, emphasizing the company’s ability to produce robots at high volumes. Musk also mentioned Tesla’s plans for a ride-hailing service next year in California and Texas, pending regulatory approval. The progress of Tesla’s Full Self-Driving (FSD) technology was also discussed, with Musk stating that FSD could be safer than a human driver by Q2 next year.
Musk reiterated Tesla’s target of delivering more affordable vehicles starting in the first half of 2025, estimating a 20-30% growth next year. He expressed confidence in the Cybercab reaching volume production in 2026, with an estimated production of 2 million Cybercabs per year. Musk also highlighted the progress of Tesla’s 4680 battery cell production lines, stating that they are approaching being the most competitive cell in the market. He emphasized the importance of scaling Tesla’s energy business to make a significant impact in the energy sector.
During the earnings call, Musk praised Tesla’s record deliveries and profitability in a challenging automotive environment, noting that the company produced its 7 millionth car and achieved record Q3 results. He also commended the Tesla team for their performance during the “We, Robot” event and highlighted the success of Tesla Energy. The call was opened by Tesla’s Head of Investor Relations, with Musk and several executives present for the discussion. Overall, the Q3 2024 earnings call provided insights into Tesla’s achievements and future plans, showcasing the company’s progress in various areas such as robotics, electric vehicles, and energy solutions.
With Tesla’s strong performance in Q3 2024, including impressive revenue figures and profitability, the company’s prospects for growth and innovation appear promising. Musk’s updates during the earnings call highlighted Tesla’s advancements in technology, production, and energy solutions, signaling a continued focus on sustainability and innovation. The discussion also touched on Tesla’s plans for expanding its product offerings, enhancing its Full Self-Driving technology, and scaling its energy business. Overall, the Q3 2024 earnings call provided valuable insights into Tesla’s current achievements and future trajectory in the automotive and energy sectors.
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