Zinger Key Points
- Tesla reports third-quarter revenue of $25.18 billion, up 8% year-over-year.
- Tesla said it remains on track to launch more affordable models in the first half of 2025.
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Electric vehicle giant Tesla Inc TSLA reported third-quarter financial results Wednesday after the market close.
Here are the key highlights.
What Happened: Tesla reported third-quarter revenue of $25.18 billion, up 8% year-over-year. The total missed a Street consensus estimate of $25.37 billion, according to data from Benzinga Pro.
The company reported automotive revenue of $20 billion, up 2% year-over-year, in the third quarter.
Tesla said the revenue was impacted by growth in vehicle deliveries, growth of energy generation, higher full self-driving revenue and lower average selling prices for vehicles.
The automaker reported third-quarter earnings per share of 72 cents, beating a Street consensus estimate of 58 cents per share.
Operating income in the quarter was $2.7 billion with an operating margin of 10.8%.
The company's cost of good sold per vehicle of $35,100 is its lowest ever.
Third-quarter deliveries totaled 462,890 units, up 6.4% year-over-year and 4.3% quarter-over-quarter. Production was 469,796 units in the third quarter, up 9.1% year-over-year and 14.4% quarter-over-quarter. The figures were previously reported by the company.
Tesla produced its 7 millionth vehicle on Oct. 22 after the end of the third quarter.
The company said Cybertruck production increased sequentially and hit a positive gross margin for the first time.
Tesla reported 6.9 GWh of storage deployed in the third quarter, up 75% year-over-year.
Tesla ended the third quarter with 6,706 Tesla Supercharger stations, up 20% year-over-year.
The company ended the third quarter with cash and cash equivalents of $33.6 billion. Tesla's balance sheet denotes $183 million in digital assets, which could include the company's Bitcoin BTC/USD holdings.
A recent report linked Tesla's Bitcoin holdings to being moved to new wallets after the quarter concluded on Sept. 30. The next quarterly report could show whether the company sold any of its Bitcoin holdings.
What's Next: Tesla said it remains on track to launch more affordable models in the first half of 2025. The Tesla Semi factory remains on track, with builds to start by the end of 2025, the company also said.
The company once again reiterated it is between "two major growth waves" of the Model 3/Y platform and the next generation vehicle platform.
"Despite ongoing macroeconomic conditions, we expect to achieve slight growth in vehicle deliveries in 2024," the company said.
The company said it remains committed to expanding its vehicle and energy product lineup, despite other companies pulling back on electric vehicle investments.
Tesla said it has sufficient liquidity to fund its product roadmap.
TSLA Price Action: Tesla stock is up 8% to $230.50 in after-hours trading Wednesday versus a 52-week trading range of $138.80 to $271.
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Photo courtesy of Tesla.
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