ToplineTesla delivered stronger third-quarter profits than Wall Street expected Wednesday, as Elon Musk’s electric vehicle maker reported its first year-over-year bottom line growth of 2024 much to investors’ delight.Tesla CEO Elon Musk appears at a town hall in Pennsylvania supporting Donald Trump.Getty Images Key FactsTesla brought in $0.72 in adjusted earnings per share ($2.51 billion net income), while consensus analyst estimates called for $0.59 EPS ($2.01 billion net income), according to FactSet. On ...

After the bell on Wednesday, we received third quarter results from Tesla, Inc. (NASDAQ: TSLA ). The EV giant has struggled so far to grow deliveries this year, thanks to high-interest rates in the US and aI am a market enthusiast and part-time trader. I started writing for Seeking Alpha in 2011, and it has been a tremendous opportunity and learning experience. I have been interested in the markets since elementary school, and hope to pursue a career in the investment management industry. I have been active ...

Tesla’s Cybertruck was the third best-selling electric vehicle in the United States in the third quarter, beating out every other EV not made by Tesla. The only two vehicles that sold better were the Model 3 sedan and Model Y SUV.The polarizing truck notched this achievement despite selling at its most expensive trim model in the early going. It’s also a sign of just how much trouble major automakers like Ford and General Motors have run into in finding customers for their own EVs. To wit, Ford only sold a ...

Financial Performance - Q3 2024 GAAP operating income reached $2.7B, with GAAP net income at $2.2B and non-GAAP net income at $2.5B[3] - Operating cash flow in Q3 was $6.3B, with free cash flow at $2.7B[3] - Cash and investments increased by $2.9B in Q3 to $33.6B[4] - Net income for Q4-2023 was $7.943 billion, a significant increase compared to previous quarters[44] - Total revenues for Q4-2023 reached $25.167 billion, with automotive sales contributing $20.630 billion[44] - Adjusted EBITDA for Q4-2023 was $24 billion[43] - Gross profit for Q4-2023 was $4.438 billion, reflecting a healthy margin[44] - Net income per share (diluted) for Q4-2023 was $2.27, showing strong earnings per share[44] - Total automotive revenues for Q4-2023 were $21.563 billion, driven by strong sales and leasing activities[44] - Total assets increased from $93.941 billion in Q3-2023 to $119.852 billion in Q3-2024[46] - Net cash provided by operating activities rose from $3.308 billion in Q4-2023 to $6.255 billion in Q3-2024[47] - Adjusted EBITDA margin improved from 16.1% in Q3-2023 to 18.5% in Q3-2024[48] - Cash, cash equivalents, and investments grew from $26.077 billion in Q1-2024 to $33.648 billion in Q3-2024[46] - Total revenues increased from $23.350 billion in Q3-2023 to $25.182 billion in Q3-2024[48] - Net income attributable to common stockholders (GAAP) rose from $1.853 billion in Q3-2023 to $2.167 billion in Q3-2024[48] - Net cash provided by operating activities (GAAP) for 3Q-2024 was $6.255 billion[49] - Free cash flow (non-GAAP) for 3Q-2024 was $2.742 billion[49] - Net income attributable to common stockholders (GAAP) for 3Q-2024 was $2.167 billion[49] - Adjusted EBITDA (non-GAAP) for 3Q-2024 was $4.665 billion[49] - Net cash provided by operating activities – TTM (GAAP) for 3Q-2024 was $14.479 billion[50] - Free cash flow – TTM (non-GAAP) for 3Q-2024 was $3.617 billion[50] - Net income attributable to common stockholders – TTM (GAAP) for 3Q-2024 was $12.702 billion[50] - Adjusted EBITDA – TTM (non-GAAP) for 3Q-2024 was $15.676 billion[50] Vehicle Deliveries and Production - Total vehicle deliveries increased 6% YoY to 462,890 in Q3[8] - Vehicle deliveries for Q4-2023 were 26 million units[45] - Company expects to achieve slight growth in vehicle deliveries in 2024 despite ongoing macroeconomic conditions[25] - Plans for new vehicles, including more affordable models, remain on track for start of production in the first half of 2025[25] - Current expected maximum capacity is close to three million vehicles, enabling more than 50% growth over 2023 production[25] Energy Business - Energy business achieved a record gross margin, with 200 Megapacks produced in a week at the Lathrop Megafactory[5] - Energy business achieved a record gross margin of 30.5% in Q3, a sequential increase of 596 bps[21] - Powerwall achieved record deployments in Q3 for the second quarter in a row, with over 100,000 Powerwalls enrolled in Virtual Power Plant programs[21] - Lathrop Megafactory demonstrated 200 Megapack production in a single week, equivalent to a 40 GWh annual run rate[21] - Energy storage deployments are expected to more than double year-over-year in 2024[25] - Shanghai Megafactory remains on track to begin shipping Megapacks in Q1 2025[21] Services and Other Business - Services and Other business achieved a record gross profit in Q3, growing over 90% year-on-year[22] - Supercharger network expanded with over 2,800 new stalls in Q3, a 22% growth of the network YoY[22] Research and Development - Research and development expenses for Q4-2023 were $1.094 billion, indicating continued investment in innovation[44] - AI training compute increased by over 75% in Q3, with a 29k H100 cluster deployed at Gigafactory Texas[5][15] Autonomous Driving - Cumulative miles driven with FSD (Supervised) exceeded 2 billion in Q3, with over 50% on V12[5] Cost Management - Cost of goods sold (COGS) per vehicle decreased to ~$35,100, the lowest level ever[3] Capital Expenditures - Capital expenditures increased from $2.460 billion in Q3-2023 to $3.513 billion in Q3-2024[47] - Capital expenditures for 3Q-2024 were $3.513 billion[49] - Capital expenditures – TTM for 3Q-2024 were $10.862 billion[50] Liabilities and Compensation - Total current liabilities increased from $26.640 billion in Q3-2023 to $30.577 billion in Q3-2024[46] - Stock-based compensation expense increased from $465 million in Q3-2023 to $457 million in Q3-2024[48] Revenue Growth - Total revenue grew 8% YoY to $25.2B in Q3, driven by vehicle deliveries, Energy Generation and Storage, and Services and Other revenues[7] Cybertruck Performance - Cybertruck became the third best-selling EV in the U.S. in Q3, behind Model Y and Model 3[5] Operating Cash Flow - Operating cash flow for Q4-2023 was $0.0 billion[43] - Free cash flow for Q4-2023 was not explicitly stated but can be inferred from financial statements[43] Days Sales Outstanding - Days sales outstanding fluctuated between 11 and 16 days from Q4-2023 to Q3-2024[46]

Elon Musk’s Tesla said on Wednesday it expects to achieve slight growth in vehicle deliveries this year and reported a higher-than-expected profit margin for the third quarter, sending shares up 5% after hours.“We delivered strong results in Q3 with growth in vehicle deliveries both sequentially and year-on-year, resulting in record third-quarter volumes,” Tesla said in a statement.“We also recognized our second-highest quarter of regulatory credit revenues.” 3 Tesla said it expects to achieve slight grow ...

Tesla shares saw an 8% jump after reporting its third quarter earnings on Wednesday. The electric car manufacturer was able to bounce back from a tough second quarter, beating Wall Street expectations for earnings per share. The company reported an earnings-per-share of $0.72, surpassing investors’ projection of $0.60.At the end of the second quarter, Tesla’s chief executive, Elon Musk, said the nearly 50% drop in profits was temporary and due to difficulty competing with cheaper or price-slashed electric v ...

Tesla's Cybertruck turned a profit in under a year. That's a big deal for Elon Musk as he enters the pickup truck market.More affordable Cybertruck trims will still be crucial to long-term success. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. Email address By clicki ...

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Tesla (TSLA) reported third-quarter earnings that beat analysts' expectations as margins improved, sending shares higher in extended trading Wednesday. The electric vehicle (EV) maker posted third-quarter net income of $2.17 billion or 62 cents per share, up from $1.85 billion or 53 cents per share a year ago, topping analysts' estimates as margins rose to 19.8% from 17.9%. Revenue grew 8% year-over-year to $25.18 billion, slightly missing the analyst consensus from Visible Alpha. Earlier this month, Tesla ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...