Tesla has announced its financial results and shareholder letter for the third quarter (Q3) of 2024, releasing the information after the market closed today.
This article will be updated with all relevant details from the financial results, shareholder letter, and the conference call scheduled for later tonight. Stay tuned for the latest updates.
In terms of earnings expectations for Q3 2024, Wall Street had projected revenues of $25.468 billion and earnings of $0.60 per share.
So, how did Tesla perform against these expectations?
In its Q3 2024 financial report, Tesla confirmed that it exceeded earnings expectations with a reported $0.72 per share (non-GAAP). However, it fell short of revenue expectations, posting $25.182 billion for the quarter.
Following the announcement, Tesla’s stock rose by 7% due to the earnings beat, which was significantly influenced by the increase in gross margins that climbed to 19.8% during this quarter.
Tesla also highlighted a record low in its cost per vehicle, stating that the cost of goods sold (COGS) per vehicle has dropped to approximately $35,100. The company emphasized the importance of making electric vehicles (EVs) affordable for a wider audience and ensuring that the total cost of ownership per mile remains competitive with all transportation modes.
This achievement is notable, especially since Tesla introduced 0% APR loans in the previous quarter.
It’s worth mentioning that Tesla experienced its second-largest quarter for regulatory credit sales, which also aided in boosting its margins.
Further updates regarding the earnings and the conference call will be shared here as new information becomes available. Please refresh the page to view the most recent updates.
Additionally, Tesla’s full Q3 2024 shareholder presentation and the conference call details will be made accessible for further insights.