After hours on Wednesday (October 23) Eastern Time, Tesla released its third quarter 2024 financial report. Although the company's revenue was slightly lower than market expectations, its profits exceeded Wall Street's expectations. Tesla expects a slight increase in delivery volume this year, reflecting a rebound in market demand for its electric vehicles.
Boosted by excellent financial reports, Tesla surged over 12% after trading.
According to the financial report, Tesla's Q3 revenue was $25.18 billion, a year-on-year increase of 8%, slightly lower than the market expectation of $25.37 billion; Net profit was approximately 2.17 billion US dollars, a year-on-year increase of 17%, or 0.62 US dollars per share, significantly exceeding analysts' expectations; The operating profit margin was 10.8%, higher than the same period last year's 7.6%.
(Source: Company official website)
The revenue of Tesla's automotive business was $20.016 billion, a year-on-year increase of 2%; The revenue from energy generation and storage was 2.376 billion US dollars, a year-on-year increase of 52%; Service and other revenue was $2.79 billion, up 29% year-on-year.
Tesla's significant increase in profits is mainly due to the growth in car deliveries and the sale of government carbon credits. Tesla earned a net profit of $739 million in the third quarter by selling carbon credits to other car manufacturers.
Tesla only produces electric vehicles, so it has a large amount of unused carbon credits. The company has been selling carbon credits to earn profits.
After a strong delivery volume in the third quarter, Tesla expects strong growth in delivery volume this quarter and an increase in full year delivery volume.
Tesla stated, "Despite the continued challenging macroeconomic situation, we expect a slight increase in car deliveries in 2024
Considering Tesla's slower delivery volume in the first half of this year, this is not an easy task. The company needs to significantly increase sales in the fourth quarter to catch up with or even surpass last year's level.
Tesla also stated in a press release that the electric pickup truck Cybertruck achieved positive gross profit margin for the first time. According to the US automotive research website Kelley Blue Book, Tesla sold over 16000 Cybertrucks in the third quarter of this year.
Elon Musk: Tesla's sales are expected to increase by 20% -30% next year
During the conference call after the release of the financial report, Tesla CEO Musk stated that Tesla's car sales could grow by 20% -30% next year at their best, thanks to the reduction in car costs and the emergence of autonomous driving.
Musk expects that the autonomous taxi Cybercab will achieve mass production by 2026, with a goal of producing at least 2 million units annually; The company will launch ride hailing services (shared mobility services) in Texas and California in 2025 and is awaiting regulatory approval.
Musk also stated that when Tesla's affordable electric vehicle models are launched, the unit price will be less than $30000; Tesla will not produce cheap cars lacking autonomous versions; A conventional $25000 electric car would be 'meaningless'.