Tesla(US:TSLA)2024-10-24 00:42Vehicle Production and Deliveries - Company produced approximately 1,314,000 consumer vehicles and delivered approximately 1,294,000 consumer vehicles through Q3 2024[101] - Automotive sales revenue increased $249 million, or 1%, in Q3 2024 compared to Q3 2023, driven by increased Model 3 and Model Y deliveries[118] Financial Performance - Total revenues for Q3 2024 were $25.18 billion, a $1.83 billion increase compared to the same period in 2023[102] - Net income attributable to common stockholders for Q3 2024 was $2.17 billion, a $314 million increase compared to the same period in 2023[102] - Gross margin for total automotive increased from 18.7% to 20.1% in Q3 2024, driven by lower vehicle costs and increased FSD and regulatory credits revenue[128] - Gross margin for energy generation and storage increased from 24.4% to 30.5% in Q3 2024, due to cost reductions and higher margins from energy storage products[131] - Interest income increased by $147 million (52%) in Q3 2024 and $394 million (54%) in the nine months ended September 30, 2024[136] - Other (expense) income, net changed unfavorably by $307 million in Q3 2024 and $459 million in the nine months ended September 30, 2024[137] - Provision for income taxes increased by $434 million (260%) in Q3 2024 and $652 million (87%) in the nine months ended September 30, 2024[138][139] Cash and Investments - Company ended Q3 2024 with $33.65 billion in cash and cash equivalents and investments, a $4.55 billion increase from the end of 2023[103] - Cash and cash equivalents and short-term investments totaled $18.11 billion and $15.54 billion, respectively, as of September 30, 2024[147] - Net cash provided by operating activities increased by $1.22 billion to $10.11 billion in the nine months ended September 30, 2024[149] Capital Expenditures - Capital expenditures amounted to $8.56 billion during the nine months ended September 30, 2024, a $1.96 billion increase compared to the same period in 2023[103] - Company expects capital expenditures to exceed $11.00 billion in 2024 and be between $8.00 to $10.00 billion in each of the following two fiscal years[112] - Capital expenditures expected to exceed $11.00 billion in 2024 and be between $8.00 to $10.00 billion in the following two fiscal years[144] - Capital expenditures for the nine months ended September 30, 2024, were $8.56 billion, primarily for AI-related projects and global factory expansion[150] Energy Storage and Generation - Company deployed 20.41 GWh of energy storage products through Q3 2024[101] - Energy generation and storage segment revenue increased $817 million, or 52%, in Q3 2024 compared to Q3 2023[117] - Energy generation and storage revenue increased by $817 million (52%) in Q3 2024 compared to Q3 2023, primarily due to higher Megapack and Powerwall deployments[122] Automotive Regulatory Credits - Automotive regulatory credits revenue increased $185 million, or 33%, in Q3 2024 compared to Q3 2023[120] Services and Other Revenue - Services and other revenue increased by $624 million (29%) in Q3 2024 compared to Q3 2023, driven by growth in non-warranty maintenance, collision, used vehicle, paid Supercharging, insurance services, and part sales[121] Cost Management - Cost of automotive sales revenue decreased by $2.32 billion (5%) in the nine months ended September 30, 2024, due to lower raw material costs, freight, and duties, partially offset by higher costs for Cybertruck and Model 3 production[125] - Research and development expenses decreased by $122 million (11%) in Q3 2024, primarily due to reduced vehicle program costs, partially offset by increased AI-related expenses[132] - Selling, general, and administrative expenses decreased by $67 million (5%) in Q3 2024, driven by lower employee and marketing costs[134] - Restructuring actions in Q2 2024 resulted in $583 million of employee termination expenses[135] Indebtedness and Foreign Exchange - Outstanding indebtedness as of September 30, 2024, totaled $7.42 billion, with $2.12 billion current[145] - Potential adverse changes in foreign currency exchange rates of 10% could result in a gain or loss of $1.05 billion at September 30, 2024[154]