Tesla Q3 Earnings

Tesla Robovan

Tesla released their Q3 2024 earnings report on October 23rd, showcasing robust performance across key areas, underscoring its continued leadership in the electric vehicle (EV) and energy sectors.

The company reported a GAAP net income of $2.2 billion, marking a significant increase from previous quarters. Tesla’s total revenue rose 8% year-over-year to $25.2 billion, primarily driven by growth in vehicle deliveries, energy generation, and storage. The energy business saw a remarkable 52% increase in revenue, while Tesla’s automotive sector benefited from reduced costs, with the cost of goods sold per vehicle hitting a record low of $35,100.

Tesla produced 469,796 vehicles during Q3, a 9% increase compared to the same period last year. The Model 3 and Model Y continued to lead production volumes, and the Cybertruck made a notable debut, becoming the third best-selling EV in the U.S. Tesla also achieved milestones in energy storage, with its Lathrop Megafactory producing 200 Megapacks per week, contributing to record energy storage deployments. Powerwall installations set new records for the second consecutive quarter.

On the technology front, Tesla expanded its AI capabilities, increasing training compute by 75%, and released new features in its Full Self-Driving (FSD) system, including "Actually Smart Summon." Over two billion miles have been driven using FSD (Supervised). Looking ahead, Tesla is preparing to launch more affordable EV models in 2025, aligning with its mission to make sustainable energy accessible. Despite economic challenges, Tesla’s focus on innovation, AI, and production capacity expansion positions it well for future growth​.

Tesla's report also emphasized its confidence in future growth, predicting that energy storage deployments will more than double year-over-year, and vehicle production is expected to achieve over 50% growth compared to 2023 before new manufacturing lines are added​.