AutoBeta(AutoBeta.net)10/24 Report--

On October 23, Tesla announced his financial results for the third quarter of 2024. According to the data, Tesla's revenue in the third quarter of 2024 was $25.2 billion (about 179.57 billion yuan), up 8% from the same period last year, down 1.2% from the same period last year; net profit was $2.17 billion, up 17% from the same period last year, up 46.6% from the previous year; non-GAAP net profit was $2.5 billion (about 17.81 billion yuan); gross profit was $4.997 billion, up 20% from the same period last year. Gross profit margin was 19.8%, up from 18% in the second quarter and 17.9% in the same period last year.

The auto business remains a pillar product of Tesla, with revenue of $20.016 billion in the third quarter, up 2 per cent from a year earlier. In terms of new car production and sales, in the third quarter, Tesla produced a total of 469800 vehicles worldwide, of which 443700 were produced by Model 3 and Model Y. a total of 462900 vehicles were delivered worldwide, an increase of 6.4 percent over the same period last year and 4.3 percent from the previous year, setting a new high for quarterly delivery in 2024, of which Model 3 and Model Y delivered a total of 440000 vehicles.

On the financial performance, Tesla said that there was a strong performance in the third quarter, and the delivery volume of electric vehicles increased compared with the same period last year, setting a record for delivery in the third quarter of all previous years. In addition, the increase in net profit was helped by the fact that the cost of sales (COGS) of its bikes fell to an all-time low of about $35100.

Up to now, Tesla's global models on sale include Model 3, Model Y, Model S and Model X. because of their high prices and imported models, the latter two do not have a high sense of presence in China. Model Y is Tesla's first domestic SUV model, and it is also an important sales source for Tesla in the Chinese market. In the first three quarters of this year, for example, Tesla's cumulative retail sales in China were 460200, of which 337648 were Model Y, accounting for 73.37% of the total sales.

As for the expectations for the following fourth quarter, Tesla CFO said that given the current economic environment, it will be a "challenge" to maintain car profit margins in the fourth quarter. With the rise of domestic electric cars and the increase of products of the same class, coupled with the slow upgrading of Tesla models, the competitiveness of their products is obviously not as good as before. Under this background, Tesla's Chinese market sales growth began to slow down. Tesla's cumulative retail sales in China in the first nine months of this year were 460200 vehicles, down 6.1 per cent from a year earlier, and ranked third in the list of domestic new energy manufacturers, with a market share of 6.5 per cent, according to the Federation. For reference, the top two companies, BYD and Geely, sold 2.4666 million and 527100 cars respectively, up 30.9% and 95.8% respectively from a year earlier.

On the conference call, Tesla CEO Elon Musk said he was optimistic that delivery would grow by 20 to 30 per cent next year. For comparison, Tesla delivered 1.8086 million new cars worldwide in 2023, setting a brilliant record. In addition, Musk plans to launch more affordable models in the first half of 2025. It is understood that the price of the car will be less than $30, 000, although the price is lower, but Musk said it will not launch a cheap car without a driverless version, and the regular $25000 electric car will be "meaningless."

At present, Tesla urgently needs to launch a volume model to stimulate sales growth, but the low-cost electric model will not be launched until 2025, in this context, Tesla is also facing a lot of pressure. From the perspective of financial data, "how to ensure profits and sales" is still the biggest test that Tesla faces.

Or affected by the results, as of Oct. 23 U.S. eastern time, Tesla shares closed at $213.650, down 1.98%, with a total market capitalization of $682.5 billion.

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