Rudolph Angler Tesla surprised Wall Street with robust third-quarter earnings, reporting the production of 469,796 electric vehicles and delivery of 462,890, with the Model 3 and Model Y comprising about 95% of those deliveries.
In Q3 2024, Tesla’s revenue grew by 8% year-over-year to $25.18 billion, while operating expenses declined by 6% to $2.28 billion. Net income rose 17%, reaching $2.17 billion from $1.85 billion a year earlier. “The industry was seeing year-over-year declines in order volumes in Q3,” noted CEO Elon Musk during the earnings call, “Tesla, meanwhile, has achieved record deliveries… It’s notable that Tesla remains profitable in a challenging automotive environment, marking a record Q3 for us.”
Musk also shared that Tesla has been testing a robotaxi ride-hailing service for employees in the Bay Area “for most of the year” as part of its self-driving tech push. While these rides currently have a safety driver on board, the trials support Tesla’s push toward regulatory approval for fully autonomous operation.
Tesla’s broader mission, Musk emphasized, is to lead advancements in energy, robotics, transportation, and AI, setting Tesla apart from companies he says are “just focused on managing near-term trends” and “missing the AI brain” for innovations like the Optimus robots.
Musk expressed confidence in Tesla’s trajectory, predicting, “If we execute on our objectives, I believe Tesla will become the most valuable company in the world, and likely by a significant margin.”