Home ยป Reported Tesla’s Performance: Revenue and Profit Soar, 7 Million Vehicles Produced

Reported Tesla’s Performance: Revenue and Profit Soar, 7 Million Vehicles Produced

Tesla reported its third quarter performance for 2024 with a total revenue of 25,182 million dollars, an increase of 8% from the same period the previous year. Net income as per GAAP accounting stood at 2,167 million dollars. Tesla attributed the increase in net income to factors such as reduced production costs, improved profitability in the energy business, and higher revenue from selling electric vehicle production credits to other manufacturers.

Revenue by business segment was as follows: Automotive segment increased by 2% to 20,016 million dollars, Energy business saw a significant growth of 52% to 2,376 million dollars, and Services and Others segment increased by 20% to 2,790 million dollars.

Tesla highlighted key production milestones in the recent past which include the production of 7 million cars from the Fremont factory on October 22nd, Cybertruck achieving positive profitability for the first time, Shanghai factory producing 3 million cars in October, and exporting 1 million cars in September.

Following the earnings report, Tesla stock price surged by more than 11%.

Source: Tesla (pdf) and CNBC

TLDR: Tesla’s Q3 2024 financial report showed a revenue increase of 8% to 25,182 million dollars, with net income at 2,167 million dollars. Key milestones included production of 7 million cars and positive profitability for Cybertruck. Stock price rose by over 11% post earnings report.

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