Tesla has reported a robust financial performance in the third quarter of 2024, with total revenues reaching $25.18 billion, marking an 8% increase from the same period in the previous year. The company's net income for common stockholders also rose to $2.17 billion, a $314 million improvement year-on-year. However, over the nine-month period, net income saw a $2.30 billion decline compared to the previous year. Tesla's cash and cash equivalents stood at $33.65 billion, up by $4.55 billion from the end of 2023. The company's capital expenditures grew by $1.96 billion to $8.56 billion, reflecting its ongoing investments in growth and development. Tesla's automotive segment saw a 1% increase in sales revenue, driven by higher deliveries of Model 3, Model Y, and the ramp-up of...Show More

Tesla has reported a robust financial performance in the third quarter of 2024, with total revenues reaching $25.18 billion, marking an 8% increase from the same period in the previous year. The company's net income for common stockholders also rose to $2.17 billion, a $314 million improvement year-on-year. However, over the nine-month period, net income saw a $2.30 billion decline compared to the previous year. Tesla's cash and cash equivalents stood at $33.65 billion, up by $4.55 billion from the end of 2023. The company's capital expenditures grew by $1.96 billion to $8.56 billion, reflecting its ongoing investments in growth and development. Tesla's automotive segment saw a 1% increase in sales revenue, driven by higher deliveries of Model 3, Model Y, and the ramp-up of Cybertruck production. Energy generation and storage segment revenue soared by 52%, primarily due to increased deployments of Megapack and Powerwall products. Looking ahead, Tesla is focused on expanding its manufacturing capacity, including for new vehicle models like the Cybertruck and Tesla Semi, and is developing new battery cell technologies to support its growth. The company also plans to exceed $11.00 billion in capital expenditures in 2024, with a focus on autonomy and AI-enabled products. Despite facing production challenges such as factory shutdowns and the impact of the Red Sea conflict, Tesla remains committed to its mission of accelerating the transition to sustainable energy and is adapting to the evolving automotive and energy markets.