On October 24th, Red Star Capital reported that Tesla (TSLA. US) released its Q3 2024 financial report after market hours on October 23rd Eastern Time. The company achieved revenue of $25.182 billion, a year-on-year increase of 8%, a month on month decrease of 1.2%, slightly lower than the market expectation of $25.37 billion.
Tesla's net profit for the third quarter was $2.167 billion, a year-on-year increase of 17% and a significant month on month increase of 46.6%; Adjusted earnings per share are $0.72; The gross profit margin increased by 1.95 percentage points year-on-year to 19.8%, and the gross profit margin of the automotive business rose to 17.1%, with multiple indicators exceeding expectations. Affected by this, Tesla's US stock market rose 12.1% after trading.
This is closely related to cost reduction. In the third quarter, Tesla's bicycle sales cost dropped to a historic low of approximately $35100.
Tesla's automotive business achieved revenue of $20.016 billion in the third quarter, a year-on-year increase of 2% and a month on month increase of 0.7%; The revenue of energy production and storage business was 2.376 billion US dollars, a year-on-year increase of 52% and a month on month decrease of 21%; Service and other business revenue was $2.79 billion, a year-on-year increase of 29% and a month on month increase of 7%.
It is worth mentioning that Tesla earned $739 million in revenue in the third quarter by selling carbon credits.
Tesla delivered approximately 463000 electric vehicles worldwide in the third quarter, setting a record for third quarter deliveries in previous years. Cybertruck became the third best-selling electric vehicle in the United States in the third quarter, second only to Model 3 and Model Y, and achieved positive gross profit margin for the first time.
Tesla stated, "Despite the continued uncertainty in the macroeconomic environment, we expect a slight increase in vehicle deliveries in 2024." Tesla will begin launching more economical models in the first half of 2025.
Tesla CEO Musk predicts that Tesla's car sales will increase by 20% -30% next year, and he also stated that when Tesla's affordable electric car models are launched, the unit price will be less than $30000.