Tesla surpasses Q3 2024 profit projections greatly; promises new electric vehicles
Tesla's Q3 2024 Report Highlights
In a significant development for the electric vehicle (EV) industry, Tesla has released its Q3 2024 financial report, revealing a series of promising developments and future plans.
The report revealed that Tesla's average production costs per vehicle for Q3 2024 stood at $35,100. The company's gross margin in the automotive business, excluding CO2 credit sales, unexpectedly rose to 17% from the previous 14.6%. This increase is a positive sign, indicating improved efficiency in production and cost management.
Tesla's automotive business generated $20 billion in revenue for Q3 2024, a substantial figure that underscores the company's growing influence in the EV market.
The report also highlighted Tesla's ambitions in the realm of autonomous transport. The company stated that achieving costs below those of public transportation is a "long-term goal." This aim, if achieved, could revolutionise the transport industry.
Looking ahead, Tesla expects a slight increase in EV sales for the full year and a doubling of installed storage capacity compared to 2023. The company plans to introduce new electric vehicles in the first half of next year.
Tesla's stock responded positively to the Q3 report, with shares jumping by around 5% immediately following its release. The stock further extended its gains to nearly 10% by around 10:30 PM German time.
In addition to these developments, Tesla reaffirmed its plans to produce the Cybercab robotaxi, which is aimed for production between 2026 and 2027. Elon Musk, Tesla's CEO, has emphasised that the Cybercab will employ a revolutionary "unboxed" production method. Tesla aims to produce the Cybercab at scale from their own factories, targeting an annual production of 2 million units when at full capacity.
The Q3 2024 report also revealed that Tesla recorded a surplus of $2.5 billion, the highest in a year. However, the company's revenue for Q3 2024 was slightly lower than the average expectation but slightly higher than Q3 2023, at $25.2 billion.
To provide further insights into these developments, Tesla has scheduled a conference call for Q3 2024 and outlook with management, set for Wednesday at 11:30 PM, to be broadcast on Tesla's YouTube channel. This call will undoubtedly provide more details about Tesla's future plans and financial outlook.
In conclusion, Tesla's Q3 2024 report presents a mix of encouraging financial results and ambitious plans for the future. The company's continued growth and innovation in the EV and autonomous transport sectors are likely to shape the industry in the coming years.
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