Tesla has just released its Q3 2024 earnings report (July 1 to September 30), with these highlights:

  • The cost per Tesla vehicle dropped to a historic low of 35.1 thousand USD.
  • Automotive sales revenue 18.831 billion USD, energy generation and storage revenue 2.376 billion USD, services and other revenue 2.79 billion USD. Total quarterly revenue 25.182 billion USD, the highest quarter since last year's Q3. Among them, the energy storage business grew 52% year-over-year, services and other revenue grew 29% year-over-year, and automotive sales grew 2% year-over-year.
  • Gross profit 4.997 billion USD, gross margin 19.8%, both figures are the best since last year's Q3. Among them, the energy business gross margin 30.5%, and the services business gross margin grew 90% year-over-year.
  • R&D spending 1.039 billion USD, the lowest quarter since last year's Q3, but the fluctuation isn't that big, with quarterly R&D spending all around 1 billion USD.
  • Operating income 2.717 billion USD, the best since last year's Q3, operating margin 10.8%.
  • On AI training, there are currently 29 thousand H100 clusters training, and it's expected that by the end of October there will be 50 thousand H100 clusters.
  • Future outlook: Tesla is currently between two waves, the first being the growth of Model 3/Y, and the next wave being the rollout of autonomous driving technology and new products. Tesla has ample liquidity to meet its product roadmap, long-term capacity expansion, and other expenditures. Existing capacity is close to 3 million vehicles, and it will fully utilize capacity to increase production by more than 50% relative to 2023 production. Robotaxi will adopt an unboxed manufacturing strategy.

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via 42's Weibo