Tesla Q3 2024 Earnings: Elon Musk’s EV Company Sees 9% Profit Growth Amid Increased Production and Margins; Check Details

New Delhi, October 24: Tesla earnings call ended at 6:37 PM ET, with Elon Musk being optimistic on a different levels, after Tesla reported strong earnings and margins for Q3 2024. The electric vehicle (EV) company saw a 9 per cent profit growth. Tesla stock responded well, surging after the earnings announcement. Despite challenges in the broader market, the company managed to beat expectations. The Tesla Q3 2024 earnings call highlighted the company's strength and growth in the EV industry.

As per a report of Investors Business Daily, Tesla announced that Q3 earnings grew 9 per cent to 72 cents per share. Although revenue came in lighter than expected, Tesla surprised the market with this profit increase. As per reports, Tesla stock surged following the earnings call on Wednesday, marking a strong response from the market. During Tesla's earnings call, Elon Musk remained confidently positive about the company's future. He expressed optimism regarding full self-driving technology, vehicle deliveries, energy storage, and more. Elon Musk’s Tesla Rolls Out Full Self-Driving for Cybertrucks Till End of 2024, Working on Revise Actually Smart Summon, Smartwatch App: Report.

Tesla Reported Q3 2024 Earnings With Record Production, Shares Innovation Across EV Production and Energy Solutions

Tesla announced that its total gross margins reached 19.8 per cent, which is an increase of 195 basis points compared to the same time last year. Additionally, Tesla Energy achieved gross margins of 30.5 per cent. Tesla said, "Produced our 7 millionth vehicle at Fremont factory and Refreshed Model 3 ramp continued successfully."

Additionally, the EV company mentioned, 'In Q3, we released FSD Supervised 12.5, bringing improved safety & comfort thanks to a 5x increase in the number of parameters, data & training compute (will continue to scale in Q4)." The company also informed about Cybercab and further added "Cybercab will be built on our next-gen platform, which includes a new powertrain with an estimated 5.5 mi/kWh – our most efficient one yet." Elon Musk-run EV company announced that it has plans for new vehicles, including more affordable options, are still on schedule, with production are expected to begin in the first half of 2025. Elon Musk, Tesla, WBD Sued by Alcon Entertainment Over Alleged AI-Generated ‘Blade Runner 2049’ Imagery at Robotaxi Event.

The company also mentioned that the updated Model 3 saw a successful increase in production during the third quarter, with a rise in total output and a decrease in the cost of goods sold quarter-over-quarter. Additionally, the production of Cybertruck has steadily increased, and for the first time, it has achieved a positive gross margin. Meanwhile, preparations for the Semi factory are progressing well, and everything is on track for production to start by the end of 2025.

(The above story first appeared on LatestLY on Oct 24, 2024 11:07 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).