Tesla Releases Third Quarter 2024 Financial Results
Tesla (TSLA) reported strong Q3 2024 financial results with total revenue of $25.2B, up 8% YoY. The company achieved $2.7B in GAAP operating income with a 10.8% operating margin. Cost of goods sold per vehicle reached its lowest level at $35,100. Cash position strengthened to $33.6B, with free cash flow of $2.7B. The company recorded its second-highest quarter of regulatory credit revenues and achieved record gross margins in its Energy business. Tesla plans to launch new, more affordable vehicle models in the first half of 2025 and continues to expand its AI capabilities, with training compute increasing by over 75% in Q3.
Tesla (TSLA) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con ricavi totali di $25,2 miliardi, in aumento dell'8% rispetto all'anno precedente. L'azienda ha raggiunto un reddito operativo GAAP di $2,7 miliardi con un margine operativo del 10,8%. Il costo delle merci vendute per veicolo ha raggiunto il suo livello più basso a $35.100. La posizione di liquidità si è rafforzata a $33,6 miliardi, con un flusso di cassa libero di $2,7 miliardi. L'azienda ha registrato il secondo trimestre più alto di entrate da crediti normativi e ha raggiunto margini lordi record nella sua attività energetica. Tesla prevede di lanciare nuovi modelli di veicoli più economici nella prima metà del 2025 e continua a espandere le sue capacità di intelligenza artificiale, con l'elaborazione dell'addestramento aumentata di oltre il 75% nel terzo trimestre.
Tesla (TSLA) reportó sólidos resultados financieros para el tercer trimestre de 2024, con ingresos totales de $25.2 mil millones, un aumento del 8% en comparación con el año anterior. La compañía logró un ingreso operativo GAAP de $2.7 mil millones con un margen operativo del 10.8%. El costo de bienes vendidos por vehículo alcanzó su nivel más bajo en $35,100. La posición de efectivo se fortaleció a $33.6 mil millones, con un flujo de caja libre de $2.7 mil millones. La empresa registró su segundo trimestre más alto de ingresos por créditos regulatorios y alcanzó márgenes brutos récord en su negocio de energía. Tesla planea lanzar nuevos modelos de vehículos más asequibles en la primera mitad de 2025 y continúa expandiendo sus capacidades de inteligencia artificial, con un aumento en la capacidad de entrenamiento de más del 75% en el tercer trimestre.
테슬라(TSLA)는 2024년 3분기에 총 수익 $25.2억 달러로 전년 대비 8% 증가한 강력한 재무 결과를 발표했습니다. 이 회사는 $2.7억 달러의 GAAP 운영 소득과 10.8%의 운영 마진을 달성했습니다. 차량당 판매한 상품의 비용은 $35,100으로 가장 낮은 수준에 달했습니다. 현금 잔고는 $33.6억 달러로 강화되었고, 자유 현금 흐름은 $2.7억 달러를 기록했습니다. 회사는 규제 신용 수익에서 두 번째로 높은 분기를 기록하고 에너지 사업에서 기록적인 총 마진을 달성했습니다. 테슬라는 2025년 상반기 내에 새로운 저렴한 차량 모델을 출시할 계획이며, AI 능력을 지속적으로 확장하고 있으며, 3분기에 훈련 컴퓨팅 성능이 75% 이상 증가했습니다.
Tesla (TSLA) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec un chiffre d'affaires total de $25,2 milliards, en hausse de 8% par rapport à l'année précédente. L'entreprise a généré un revenu opérationnel GAAP de $2,7 milliards avec une marge opérationnelle de 10,8%. Le coût des marchandises vendues par véhicule a atteint son plus bas niveau à $35,100. La position de trésorerie a été renforcée à $33,6 milliards, avec un flux de trésorerie libre de $2,7 milliards. L'entreprise a enregistré son deuxième trimestre le plus élevé en revenus de crédits réglementaires et a atteint des marges brutes records dans son secteur de l'énergie. Tesla prévoit de lancer de nouveaux modèles de véhicules plus abordables au cours de la première moitié de 2025 et continue d'élargir ses capacités en intelligence artificielle, avec une augmentation de plus de 75% de la puissance de calcul pour l'apprentissage au troisième trimestre.
Tesla (TSLA) hat für das dritte Quartal 2024 starke Finanzergebnisse mit einem Gesamtumsatz von $25,2 Milliarden gemeldet, was einem Anstieg von 8% im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte einen GAAP-Betriebsgewinn von $2,7 Milliarden bei einer Betriebsquote von 10,8%. Die Kosten für verkaufte Waren pro Fahrzeug erreichten mit $35.100 das niedrigste Niveau. Die Zahlungsmittelposition wurde auf $33,6 Milliarden gestärkt, mit einem freien Cashflow von $2,7 Milliarden. Das Unternehmen verzeichnete das zweithöchste Quartal an Einnahmen aus regulatorischen Kreditverkäufen und erreichte Rekord-Großmargen in seinem Energiesektor. Tesla plant, in der ersten Hälfte von 2025 neue, erschwinglichere Fahrzeugmodelle auf den Markt zu bringen und erweitert weiterhin seine KI-Fähigkeiten, wobei die Trainingsberechnung im 3. Quartal um über 75% gestiegen ist.
- Revenue increased 8% YoY to $25.2B
- GAAP operating income of $2.7B with 10.8% margin
- Record low COGS per vehicle at $35,100
- Strong cash position of $33.6B with $2.7B free cash flow
- Record gross margins in Energy business
- Cybertruck became third best-selling EV in US
- 75% increase in AI training compute
- Reduced S3XY vehicle average selling prices
- Impact of macroeconomic headwinds on business
Insights
Tesla delivered a mixed but generally positive Q3 performance with
Key positives include record Q3 delivery volumes, strong regulatory credit revenue and impressive Energy segment performance. However, reduced vehicle ASPs due to pricing pressure and mix changes partially offset these gains. The planned launch of more affordable models in 2025 could pressure margins but potentially expand market reach significantly.
Tesla's strategic positioning remains strong despite intensifying EV market competition. The Cybertruck's success as the third best-selling EV in the U.S. demonstrates continued brand strength. The
The focus on cost reduction while maintaining investment in AI and production capacity shows balanced management of near-term profitability and long-term growth. The energy business's record margins and Megapack production achievements indicate successful diversification beyond automotive.
As previously announced, Tesla management will host a live question and answer (Q&A) webcast at 4:30 p.m. Central Time (5:30 p.m. Eastern Time) to discuss the results and outlook.
What: Tesla Third Quarter 2024 Financial Results Q&A Webcast
When: Wednesday, October 23, 2024
Time: 4:30 p.m. Central Time / 5:30 p.m. Eastern Time
Q3 2024 Update: https://ir.tesla.com
Webcast: https://ir.tesla.com (live and replay)
The webcast will be archived on the company’s website following the call.
Summary
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 ~
The Energy business achieved another strong quarter with a record gross margin. Additionally, the Megafactory in Lathrop produced 200 Megapacks in a week, and Powerwall deployments reached a record for the second quarter in a row as we continue to ramp Powerwall 3.
Despite sustained macroeconomic headwinds and others pulling back on EV investments, we remain focused on expanding our vehicle and energy product lineup, reducing costs, and making critical investments in AI projects and production capacity. We believe these efforts will allow us to capitalize on the ongoing transition in the transportation and energy sectors.
Profitability$2.7B GAAP operating income in Q3$2.2B GAAP net income in Q3$2.5B non-GAAP net income in Q3
- Operating cash flow of
$6.3B in Q3 - Free cash flow of
$2.7B in Q3 $2.9B increase in our cash and investments3 in Q3 to$33.6B
- Increased AI training compute by over
75% in Q3 - Cybertruck became the third best-selling EV in Q3 in the U.S. (behind only Model Y and Model 3)
- Over two billion miles driven cumulatively on FSD (Supervised) as of Q3 with more than
50% on V12
FINANCIAL SUMMARY
Revenue Total revenue increased
- + growth in vehicle deliveries
- + growth in Energy Generation and Storage and Services and Other
- + higher FSD revenue recognition YoY for releases related to Cybertruck and certain features such as Actually Smart Summon
- + higher regulatory credit revenue
- - reduced S3XY vehicle average selling price (ASP) (excl. FX impact), due to mix, pricing and attractive financing options
Profitability Our operating income increased YoY to
- + lower cost per vehicle, including lower raw material costs, freight and duties and other one-time charges
- + growth in Energy Generation and Storage and Services and Other gross profit
- + higher FSD revenue recognition YoY for releases related to Cybertruck and certain features such as Actually Smart Summon
- + growth in vehicle deliveries
- + higher regulatory credit revenue
- + decrease in operating expenses including cost-reduction efforts
- - reduced S3XY vehicle ASP
Cash Quarter-end cash, cash equivalents and investments in Q3 was
| Financial Summary | Q3-2023 | Q4-2023 | Q1-2024 | Q2-2024 | Q3-2024 | YoY |
|---|---|---|---|---|---|---|
| Total automotive revenues | 19,625 | 21,563 | 17,378 | 19,878 | 20,016 | |
| Energy generation and storage revenue | 1,559 | 1,438 | 1,635 | 3,014 | 2,376 | |
| Services and other revenue | 2,166 | 2,166 | 2,288 | 2,608 | 2,790 | |
| Total revenues | 23,350 | 25,167 | 21,301 | 25,500 | 25,182 | |
| Total gross profit | 4,178 | 4,438 | 3,696 | 4,578 | 4,997 | |
| Total GAAP gross margin | 195 bp | |||||
| Operating expenses | 2,414 | 2,374 | 2,525 | 2,973 | 2,280 | - |
| Income from operations | 1,764 | 2,064 | 1,171 | 1,605 | 2,717 | |
| Operating margin | 323 bp | |||||
| Adjusted EBITDA | 3,758 | 3,953 | 3,384 | 3,674 | 4,665 | |
| Adjusted EBITDA margin | 243 bp | |||||
| Net income attributable to common stockholders (GAAP) | 1,853 | 7,928 | 1,129 | 1,478 | 2,167 | |
| Net income attributable to common stockholders (non-GAAP) | 2,318 | 2,485 | 1,536 | 1,812 | 2,505 | |
| EPS attributable to common stockholders, diluted (GAAP) | 0.53 | 2.27 | 0.34 | 0.42 | 0.62 | |
| EPS attributable to common stockholders, diluted (non-GAAP) | 0.66 | 0.71 | 0.45 | 0.52 | 0.72 | |
| Net cash provided by operating activities | 3,308 | 4,370 | 242 | 3,612 | 6,255 | |
| Capital expenditures | (2,460) | (2,306) | (2,773) | (2,270) | (3,513) | |
| Free cash flow | 848 | 2,064 | (2,531) | 1,342 | 2,742 | |
| Cash, cash equivalents and investments | 26,077 | 29,094 | 26,863 | 30,720 | 33,648 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241023477682/en/
Investor Relations Contact:
ir@tesla.com
Source: Tesla
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