Thu Oct 24 14:20:00 UTC 2024: – **Profit Report**: Tesla reported a net income of $2.2 billion for Q3 (July to September), marking a 17% year-on-year increase and exceeding market expectations.
– **Revenue Growth**: Total revenue grew 8% to $25.18 billion, up from $23.35 billion a year earlier, largely driven by non-vehicle sales, including charging services, battery sales, and carbon credits.
– **Earnings Turnaround**: This result contrasts with the previous two quarters, which saw double-digit profit declines.
– **Future Expectations**: CEO Elon Musk projected vehicle sales growth of 20 to 30% for the next year, barring negative external factors, and emphasized Tesla’s unique profitability in a challenging automotive environment.
– **Autonomous Driving Plans**: Musk announced plans for a driverless robotaxi service in California and Texas next year, asserting that Tesla’s self-driving capabilities will soon surpass human drivers, although current technology requires human oversight.
– **Market Response**: Following the earnings announcement, Tesla’s shares surged 12% in after-hours trading, recovering from a prior 14% decline in 2024.
First Piper 