Tesla (TSLA) releases Q3 2024 results: misses on revenue but jumps on margins

Tesla (TSLA) released its financial results and shareholders letter for the third quarter (Q3) of 2024 after market close today.

We are updating this post with all the details from the financial results, shareholders’ letter, and the conference call later tonight. Refresh for the latest information.

Tesla Q3 2024 earnings expectations

As we reported in our Tesla Q3 2024 earnings preview yesterday, the Wall Street consensus for this quarter was $25.468 billion in revenue and earnings of $0.60 per share.

Now, did Tesla meet, beat, or miss the expectations?

Tesla Q3 2024 financial results

Just after the market close today, Tesla released its financial results and confirmed that it did beat expectations with earnings of $0.72 per share (non-GAAP), but it missed on revenue expectations with $25,182 billion during the last quarter.

Tesla’s stock is up 7% for the earnings beat, but the big factor here is likely the gross margins, which jumped to 19.8% during the quarter:

Tesla says that its cost per vehicle is down to a record low:

Our cost of goods sold (COGS) per vehicle came down to its lowest level ever at ~$35,100. In order to continue accelerating the world’s transition to sustainable energy, we need to make EVs affordable for everyone, including making total cost of ownership per mile competitive with all forms of transportation.

That’s impressive, considering Tesla started offering 0% APR loans last quarter.

However, it is fair to note that Tesla had its second-biggest quarter of regulatory credit sales, which contributed to its higher margins.

We will be posting our follow-up posts here about the earnings and conference call to expand on the most important points (refresh the page to see the most recent posts):

Here’s Tesla’s Q3 2024 shareholder presentation in full:

Here’s Tesla’s conference call for the Q3 2024 results: