Tesla’s Q3 2024 financial results paint a picture of a company pushing boundaries while managing market pressures. The electric vehicle giant reported total revenue of $25.2 billion, marking an 8% increase year-over-year, while achieving record operating cash flow of $6.3 billion.
Key Performance Highlights
- Revenue reached $25.2 billion, up 8% year-over-year
- Operating cash flow hit a record $6.3 billion, an 89% increase
- GAAP net income grew 17% to $2.2 billion
- Energy generation and storage revenue surged 52% to $2.4 billion
- Cost per vehicle reached a new low of $35,100
Automotive Segment Shows Resilience
Tesla’s automotive division posted revenue of $20.0 billion, representing a 2% year-over-year increase. The Model Y maintained its position as a market leader, becoming Europe’s best-selling vehicle in September 2024. The Cybertruck’s emergence as the third best-selling EV in the U.S. demonstrates Tesla’s ability to create compelling new products.
Energy Division Hits New Heights
The energy generation and storage segment delivered exceptional results:
- Revenue growth of 52% year-over-year
- Record gross margin of 30.5%
- Record Powerwall deployments for second consecutive quarter
- Megafactory in Lathrop achieved 200 Megapacks weekly production
Technology and Innovation Advances
Tesla’s commitment to technological advancement remains strong:
- AI training compute increased by over 75% in Q3
- FSD (Full Self-Driving) reached over two billion miles driven
- More than 50% of FSD miles on version 12
- 2,800 new Supercharger stalls added
Market Outlook and Future Plans
Tesla’s future strategy focuses on several key areas:
- New affordable vehicle models planned for first half of 2025
- Energy storage deployments expected to double in 2024
- Shanghai Megafactory to begin Megapack shipments in Q1 2025
- Revolutionary ‘unboxed’ manufacturing strategy for Robotaxi
Potential Challenges
Several factors warrant attention:
- Rising capital expenditures (43% YoY increase)
- Production ramp-up challenges for new models
- Decreasing average selling prices
- Sustained macroeconomic headwinds
Financial Health Indicators
The company’s financial position remains strong:
- Free cash flow increased 223% to $2.7 billion
- Operating income up 54% to $2.7 billion
- EBITDA margin at 18.5%
- Services and other revenue grew 29%
Innovation and Market Leadership
Tesla continues to lead in several areas:
- Record third-quarter vehicle delivery volumes
- Second-highest quarter of regulatory credit revenues
- Expanding global presence with Model Y success
- Advancing autonomous driving capabilities
The company’s performance in Q3 2024 demonstrates its ability to execute while investing in future growth. Despite market challenges, Tesla’s focus on cost reduction and technological advancement positions it well for continued leadership in the EV and energy sectors.
For a detailed analysis of Tesla’s Q3 2024 earnings, visit EarningsCall SamurAI’s full report.
