October 23, 2024 – Tesla has once again demonstrated its consistent profitability, reporting its 20th consecutive profitable quarter in Q3 2024. While the electric vehicle manufacturer exceeded analyst expectations for profit per share, its total revenue for the quarter fell slightly short of market forecasts.
Q3 2024 Financial Highlights
The latest earnings report for the third quarter of 2024 reveals that Tesla generated $25.182 billion in revenue. The company reported a profit per share of $0.72, based on Non-GAAP accounting. These figures compare to analyst expectations of approximately $25.46 billion in revenue and a profit per share of $0.60.
Tesla’s Statement on Q3 Performance
In its released statement, Tesla highlighted strong performance in Q3. “We delivered strong results in Q3 with growth in vehicle deliveries both sequentially and year-on-year, resulting in record third-quarter volumes,” the company stated. It also noted a significant contribution from regulatory credit revenues, stating, “We also recognized our second highest quarter of regulatory credit revenues as other OEMs are still behind on meeting emissions requirements.”
Furthermore, Tesla emphasized its focus on cost reduction and future affordability. “Our cost of goods sold (COGS) per vehicle came down to its lowest level ever at ~$35,100,” the company reported. “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.” Tesla confirmed that preparations are underway for new vehicle offerings, including more affordable models, with launches anticipated in the first half of 2025.
Production and Delivery Figures
Q3 2024 Production and Deliveries
During 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 the Model S, Model X, and Cybertruck combined for 22,915 deliveries. Production figures for Q3 2024 showed 443,668 Model 3 and Model Y vehicles produced, with an additional 26,128 units from the “Other Models” category (Model S, X, and Cybertruck), bringing the total production to 469,796 units.
Q2 2024 Production and Deliveries
In 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 the same period in 2023. Model 3 and Model Y deliveries totaled 422,405, with 21,551 units from the Model S, Model X, and Cybertruck. Production in Q2 2024 saw 386,576 Model 3 and Y units and 24,255 from the “Other Models” category, totaling 410,831 vehicles produced, which was below the number of deliveries.
Q1 2024 Production and Deliveries
For the first quarter of 2024, Tesla reported 386,810 vehicle deliveries. The Model 3 and Y comprised the majority with 369,783 units, and Model S and X deliveries (including some Cybertruck sales in the “other models” category) 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, and Full Year 2023 Totals
In the fourth quarter of 2023, Tesla delivered 484,507 cars, with 461,538 being Model 3/Y and approximately 22,969 from Model S and X (minus Cybertruck deliveries). Total production in Q4 2023 reached 494,989 vehicles. For the entirety of 2023, Tesla delivered 1,808,581 vehicles and produced 1,845,985 units, predominantly Model 3/Y.
This is a developing story and will be updated.