Tesla outperforms profit estimates in Q3 2024, announcing upcoming electric vehicle models

Tesla, the leading electric vehicle (EV) manufacturer, has released its Q3 2024 results, revealing a series of significant developments.

Tesla's stock soared around 5% following the report's release, further extending its gains to nearly 10% by around 10:30 PM German time. The company recorded a surplus of $2.5 billion in Q3 2024, marking the highest in a year. Tesla's revenue in Q3 2024 totaled $25.2 billion, slightly lower than the average expectation but slightly exceeding that of Q3 2023. The Q3 2024 adjusted earnings per share increased by approximately 9% compared to Q3 2023.

The gross margin in the auto business, excluding the sale of CO2 credits, unexpectedly increased to 17% from the previous 14.6%. Tesla now pegs the average production cost per vehicle at $35,100. The company's revenue from the automotive business accounted for $20 billion of Tesla's Q3 2024 revenue.

Tesla is pushing forward with its plans to release new models before mid-2025. Reaffirming its earlier announcements, the company stated that new vehicles, including more affordable ones, are still on track for a production start in the first half of the year. Some of these new models will utilize aspects of Tesla's next-generation platform.

The new models will be produced on the same production lines as existing models, allowing for a 50% increase in volume before new lines need to be built. One of these new models is the Cybercab robotaxi, expected to start production in 2026. Tesla aims for an "unboxed" production method for the Cybercab robotaxi.

Tesla's long-term goal is to provide autonomous transport at costs below those of public transportation. To achieve this, the company is collaborating with Samsung to produce specialized AI chips for autonomous driving and humanoid robots. Production for these chips is planned to start in a new Texas factory around 2026, with Samsung's contract with Tesla valued at least $16.5 billion, highlighting a key partnership for future Tesla vehicle and technology production.

A conference call with Tesla management to discuss Q3 2024 results and outlook is scheduled for Wednesday. The conference call will be broadcast on Tesla's YouTube channel. Tesla expects a slight increase in electric vehicle sales for the full year. Additionally, the company expects its installed storage capacity to double compared to 2023.

The report does not provide details on the previously announced new Tesla with revolutionary production methods, as it has been pushed back to the second half of the year. Nonetheless, Tesla remains committed to its vision of a sustainable future and continues to make strides in the EV industry.

Tesla outperforms profit estimates in Q3 2024, announcing upcoming electric vehicle models