Tesla has once again demonstrated its ability to generate profits, reporting its 20th consecutive profitable quarter in its Q3 2024 earnings. While the electric vehicle giant exceeded analyst expectations for profit per share, its quarterly revenue fell slightly short of projections.
Financial Highlights for Q3 2024
The latest financial report revealed key figures for the third quarter of 2024:
- Revenue: $25.182 billion
- Profit Per Share (Non-GAAP): $0.72
Analysts had anticipated approximately $25.46 billion in revenue and a profit per share of $0.60.
Tesla’s Statement on Q3 Performance
In its report, Tesla commented on its Q3 performance:
“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.”
The company further stated, “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.”
This indicates a focus on cost efficiency and a commitment to introducing more affordable vehicle options starting in the first half of 2025.
Production and Delivery Figures
Q3 2024 Production and Deliveries
In the third quarter of 2024, Tesla delivered a total of 462,890 vehicles, a notable increase from the 435,059 vehicles delivered in Q3 2023. The Model 3 and Model Y accounted for 439,975 deliveries, while Model S, Model X, and Cybertruck combined for 22,915 deliveries. Production figures showed 443,668 Model 3/Y vehicles and 26,128 “Other Models” (including Model S, X, and Cybertruck), bringing the total production to 469,796 units.
Q2 2024 Production and Deliveries
For the second quarter of 2024, Tesla delivered 443,956 cars, slightly surpassing the expected 438,019 vehicles. However, this represented a decrease of approximately 5% compared to Q2 2023. Model 3 and Model Y deliveries totaled 422,405, with 21,551 from Model S, Model X, and Cybertruck. Production for Q2 2024 included 386,576 Model 3/Y units and 24,255 “Other Models,” resulting in a total production of 410,831 vehicles.
Q1 2024 Production and Deliveries
In the first quarter of 2024, Tesla delivered 386,810 cars. Model 3/Y deliveries were 369,783, and combined Model S and Model X deliveries reached 17,027. Total production for Q1 2024 was 433,371 vehicles, with 412,376 from Model 3/Y and 20,995 from Model S/X and Cybertrucks.
Q4 2023 Production and Deliveries, Plus Full Year 2023 Totals
During Q4 2023, Tesla delivered 484,507 cars, with 461,538 from Model 3/Y and approximately 22,969 from Model S and Model X (excluding some Cybertruck deliveries). Total production for Q4 2023 was 494,989 vehicles. For the entire year 2023, Tesla delivered 1,808,581 cars and produced 1,845,985 vehicles, with Model 3/Y comprising the majority of both figures.