Tesla Q3 2024: Profits Beat Expectations, Revenue Falls Short

It's still another profitable quarter for Tesla.

Tesla EVs at V4 Supercharging station. From left: Model 3, Model S, Cybertruck, Model X and Model Y

Eric Loveday

By: Eric Loveday

Oct 23, 2024 at 4:34pm ET

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Tesla just released its Q2 2024 earnings report. The electric automaker again turned a profit, which makes 20 quarters in a row in which Tesla has reported profitability. Tesla exceed expectations in regards to profit but fell a bit short of expectations for revenue.

The main financial details from the Q3 2024 report are as follows:

$ 25.182 billion in revenue
$ 0.72 profit per share (Non-GAAP accounting)

Here's what Tesla was expected to report, according to analysts:

Revenue: ~$25.46 billion
Profit per share: $0.60

Regarding Q3 2024, in part, Tesla stated:

We delivered strong results in Q3 with growth in vehicle deliveries both sequentially and year-on-year, resulting in record third-quarter volumes. We also recognized our second highest quarter of regulatory credit revenues as other OEMs are still behind on meeting emissions requirements.

Our cost of goods sold (COGS) per vehicle came down to its lowest level ever at ~$35,100. In order to continue accelerating the world’s transition to sustainable energy, we need to make EVs affordable for everyone, including making total cost of ownership per mile competitive with all forms of transportation. Preparations remain underway for our offering of new vehicles – including more affordable models – which we will begin launching in the first half of 2025.

That's good news regarding the cost of goods and even better that Tesla is promising more affordable models starting in the first half of 2025.

Here's a look at the financial summary:

You'll find Tesla's release, which is linked here, in its entirety. We'll have more info on Tesla's Q23 2024 happenings following the conference call later today.

Looking Back

Q3 2024 Production And Deliveries

In Q3 2024, the automaker delivered a total of 462,890 vehicles. This soundly beats the 435,059 vehicles that Tesla sold in Q3 2023.

The breakdown of vehicles delivered in Q3 2024 is 439,975 for the Model 3 and Model Y and 22,915 for the Model S, Model X and Cybertruck.

On the production side, Tesla made 443,668 Model 3s and Model Ys combined. The Tesla Model S, Model X and Cybertruck—listed as "Other Models" accounted for 26,128 vehicles produced. Total production for Tesla in Q3 2024 stood at 469,796, which is just a bit below deliveries.

Q2 2024 Production And Delivieries

Tesla delivered 443,956 cars in the second quarter of the year. That's slightly above expectations of around 438,019 vehicles for the April to June period. Still, the electric automaker's sales were down by about 5% over the same period in 2023.

The breakdown of vehicles delivered in Q2 2024 is 422,405 for the Model 3 and Model Y and 21,551 for the Model S, Model X and Cybertruck.

On the production side, Tesla made 386,576 Model 3s and Model Ys combined. The Tesla Model S, Model X and Cybertruck—listed as "Other Models" accounted for 24,255 vehicles produced. Total production for Tesla in Q2 2024 stood at 410,831, which was noticeably below deliveries.

Q1 2024 Production And Deliveries

For Q1 2024, Tesla delivered a total of 386,810 cars. Tesla lists Model 3/Y deliveries made up the bulk of the action with 369,783 delivered. Meanwhile, the combined Model S and Model X deliveries hit 17,027, or actually a tad lower, since some Cybertruck sales are likely included in the "other models" category.

On the production front, the combined figure for all Tesla vehicles hit 433,371 in Q1 2024. The breakdown shows that the Model 3/Y accounted for 412,376 of the total production figures, leaving the Model S/X (plus some Cybertrucks) at 20,995.

Q4 2023 Production And Deliveries, Plus 2023 In Total

In Q4 2023, Tesla delivered a total of 484,507 cars. Tesla Model 3/Y deliveries made up the majority of those with 461,538 delivered. Meanwhile, the combined Model S and Model X deliveries hit around 22,969, minus some Cybertruck deliveries.

What do you think?

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The combined figure for production of all Tesla vehicles hit 494,989 in Q4 2023. For the whole of 2023, Tesla delivered 1,808,581 cars and produced 1,845,985 vehicles. The Model 3/Y accounted for the bulk of both figures.

This is a breaking news post and will be updated momentarily.

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