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Sep 30, 2024
Tesla Q3 2024 Earnings Report
Tesla's Q3 2024 earnings showcased strong financial performance and operational advancements.
Key Takeaways
Tesla reported strong Q3 2024 results, with revenue reaching $25.182 billion, a GAAP operating income of $2.717 billion, and a GAAP net income of $2.167 billion. The company saw growth in vehicle deliveries and energy storage deployments, as well as advancements in AI and manufacturing capabilities.
Total revenue increased by 8% year-over-year, reaching $25.182 billion.
GAAP operating income was $2.717 billion, representing a 10.8% operating margin.
Free cash flow was $2.742 billion, and quarter-end cash, cash equivalents, and investments totaled $33.648 billion.
The Energy business achieved a record gross margin of 30.5%.
Tesla
Tesla
Tesla Revenue by Segment
Revenue by Segment
Automotive Sales Revenue
CapyFin.comAutomotive Leasing Revenue
CapyFin.comRegulatory Credits Revenue
CapyFin.comEnergy & Storage Revenue
CapyFin.comServices & Other Revenue
CapyFin.com Forward Guidance
Tesla anticipates slight growth in vehicle deliveries for 2024, with energy storage deployments expected to more than double year-over-year. The company has sufficient liquidity to support its product roadmap and manage a strong balance sheet amidst macroeconomic uncertainty. Plans for new vehicles, including more affordable models, remain on track for production in the first half of 2025.
Positive Outlook
- Slight growth in vehicle deliveries expected in 2024.
- Energy storage deployments are expected to more than double year-over-year in 2024.
- Sufficient liquidity to fund product roadmap and capacity expansion.
- Hardware-related profits are expected to be accompanied by an acceleration of AI, software and fleet-based profits.
- New vehicle plans remain on track for production in the first half of 2025.
Challenges Ahead
- Ongoing macroeconomic conditions may impact performance.
- Cost reduction may be less than previously expected for new vehicles.
- Uncertain times require prudent growth in vehicle volumes.
- The company is between two major growth waves.
- Hardware-related profits are expected to be accompanied by an acceleration of AI, software and fleet-based profits.
Revenue & Expenses
Visualization of income flow from segment revenue to net income