【Summary of financial results】Tesla's "Cybertruck" achieves profitability for the first time! How is the progress of AI & FSD? It surged 13% in after-hours trading following the good financial results.

Tesla started deliveries of its electric pickup truck from last NovemberProduction of the "Cybertruck" is increasing.In For the first time, the gross profit margin has turned positive.、Tesla has reconfirmed plans to start production of new models, including more affordable cars, in the first half of next year.Tesla has once again expressed its plans to do so.

Tesla,It is expected that the full-year sales volume will slightly exceed the previous year.At the earnings call, CEO Elon Musk mentioned that there is a possibility of a 20%-30% increase in customer deliveries next year, even with potential external negative factors.and pointed out, 'this is the best estimate.'Musk also mentioned the RoboTaxi (unmanned taxi) 'Cybercab,' announced on October 10, aiming for an annual production of 2 million units.Production of 'Cybercab' is expected to start in 2026.He stated that they are targeting 2 million units of production annually.

At the earnings call, CEO Elon Musk mentioned that there is a possibility of a 20%-30% increase in customer deliveries next year, even with potential external negative factors.and pointed out, 'this is the best estimate.'Musk also mentioned the RoboTaxi (unmanned taxi) 'Cybercab,' announced on October 10, aiming for an annual production of 2 million units.

After the earnings announcement, Tesla's stock temporarily surged 13% in after-hours trading, increasing the market capitalization by $80 billion.

Tesla's revenue growth rate in the third quarter accelerated from the second quarter, but it still fell short of analysts' expectations by close to 9%, with growth rate of around 8%.

In previous comments, an improvement in sales volume was expected to lead to increased profits compared to the same period last year. However, due to increased expenditures to stimulate demand and rising production costs for new vehicles, Tesla's earnings per share (EPS) are expected to decrease compared to the same period last year. However, according to the latest earnings report, Tesla's EPS growth rate in the third quarter turned positive from negative, exceeding expectations with a more than 9% increase compared to the same period last year.

The company's gross profit margin in the third quarter is expected to significantly exceed the analysts' forecasted 110 basis points decrease compared to the same period last year, with an increase of 195 basis points.

According to the earnings, revenue was pressured by price competition, excluding the average selling price (ASP) of automobiles, the companyThe main reasons for the increase in profit margin in the third quarter are as follows:are as follows.

1. Increase in customer delivery numbers
2. Rapid growth in energy storage business
3. Revenue recognition of FSD (Full Self-Driving) related to some features such as Cybertruck and Actually Smart Summon increased compared to the same period last year
4. Increase in regulatory credit revenue

"Cybertruck" in the black for the first time! Expected slight increase in customer delivery numbers this year
According to Tesla,CybertruckUS production number increased compared to the previous quarter,For the first time, profitability has been achieved.On the other hand, Semi factorypreparations are underway,Production is scheduled to begin by the end of 2025.

Furthermore, Tesla is planning new cars, including models in a more affordable price range.new car plansはAccording to the plan, progress is on track for the start of production in the first half of 2025.The CEO of Mask stated that during the earnings call.The CEO mentioned that the low-priced model will be sold for less than 0.03 million dollars.He did not confirm plans to release the "Model 2" for 0.025 million dollars, as stated.

Despite ongoing macroeconomic issues, Tesla expects a slight increase in customer deliveries in 2024 compared to the previous year.It is expected that the number of customer deliveries in 2024 will be slightly higher than the previous year.This forecast implies that the number of deliveries in the fourth quarter of this year will surpass the quarterly record set in the third quarter.

Tesla willIt emphasized that the amount of artificial intelligence (AI) training in the third quarter increased by over 75%.In the third quarter, a cluster consisting of 0.02 million 9000 Envidia H100 chips was introduced ahead of schedule at the new Gigatech factory, and training was conducted. By the end of October, the production capacity of H100 chips is expected to reach 0.05 million units.

The energy storage business is doing well as the Shanghai 'Megapack' factory is set to start operation in the first quarter of next year.
The energy storage business recorded its highest gross margin of 30.5% in the third quarter, and the Shanghai 'Megapack' factory is scheduled to start operating in the first quarter of 2025.

According to comments, excluding regulatory credits, the improvement in Tesla's profit in the third quarter is mainly due to.Reduction in production costs and material costs per vehicleAccording toEnergy storage businessIs also currently showing better performance.

Tesla expects the energy storage capacity of its energy storage business to more than double by 2024 compared to 2023.

According to the earnings report, although the production volume of large-scale battery systems Mega Pack has decreased, the gross margin of the energy storage business in the third quarter reached 30.5%, which is a record high on a quarterly basis for the business, showing a 596 basis points improvement compared to the previous period. In addition, the number of installations of the residential battery Powerwall has been setting new records for two consecutive quarters.