Tesla released its third quarter financial report

Tesla released its third-quarter 2024 report, which showed mixed results. The company’s revenue came in at $25.18 billion, slightly short of the projected $25.4 billion, but net income exceeded expectations at $2.17 billion. The main driver of the success was a record gross margin of 19.8 percent.

A record gross margin of 19.8 percent.

In Q3, Tesla delivered 462,890 vehicles, marking the first quarter of delivery growth this year. That result surpassed the 435,059 electric cars delivered in the same period last year, though it fell slightly short of Wall Street forecasts that expected 463,897 deliveries.

The result was the first quarterly increase in deliveries this year.

Not everything turned out to be so positive, however. The company’s recent event called «We, Robot», which discussed Tesla’s robotaxi ambitions, left investors with questions. CEO Ilon Musk confirmed that production of the «Cybercab» will begin in 2026 with a goal of 2 million units per year, but specific plans for testing and development are still unclear.

The company’s plans for the «Cybercab» are not yet clear.

Despite the mixed results, Tesla remains optimistic. The company expects «modest growth» in vehicle deliveries in 2024, with Musk hinting at a possible 20-30% increase. Tesla’s energy generation and storage business is also performing strongly, with gross margins in that sector hitting a record 30.5% and sales volume expected to more than double in 2024.

The company’s energy generation and storage business is also performing strongly, with gross margins in that sector hitting a record 30.5% and sales volume expected to more than double in 2024.