The electric vehicle company exceeded earnings projections, and the stock rose in after-hours trade on Wall Street.
Tesla will opened its third-quarter books on Wednesday evening. The corporation generated 25.18 billion dollars in revenue, representing an 8 percent income growth. Especially adjusted earnings per share.Adjusted earnings per shareA measure of the company's earnings, adjusted for specific considerations, divided by the number of shares. was better than analysts projected, with the final result of 72 cents vs the expected 60 cents.
According to projections compiled by Bloomberg, revenue of $25.4 billion was previously predicted. Gross operating profit (EBITDA) was predicted to be 3.8 billion dollars, and the outcome was consistent with expectations.
Tesla generated $739 million in revenue from the selling of emission credits. The government have awarded climate quotas to electric car manufacturers in order to boost the manufacturing of zero-emission automobiles. These quotas can be offered to other car makers that do not fulfill emissions standards. In addition, the corporation has provided a variety of discounts and incentives to increase sales.
Tesla reports that the cost per car has hit its lowest point ever, at roughly $35,100. The electric car manufacturer also adds that they intend to launch new and more inexpensive models in the first half of 2025.
"Despite ongoing macroeconomic conditions, we expect to achieve modest growth in vehicle deliveries in 2024," Tesla states in the study.
Tesla stock soars more than 7% in after-hours trade on Wall Street.
Earlier in October, the firm announced production and delivery numbers for the third quarter, revealing that the electric car maker delivered a total of 462,830 vehicles. It was up from 443,956 autos in the second quarter and higher than at this time last year. Analysts anticipated somewhat higher delivery figures in advance.
In recent years, the margins of electric car manufacturers have been pressured by a variety of factors, including inventory clearance discounts and price cutbacks. Tesla is also experiencing greater competition, particularly in China from companies such as BYD and Geely. Tesla's stock is down just over 14% this year and has dropped considerably since the beginning of October. In July, the stock reached a high of $236.
showed off self-driving cab
Tesla CEO Elon Musk unveiled the company's latest self-driving cab in October. The "Cybercab," a two-door automobile, lacks both a steering wheel and pedals. According to Musk, the car should cost less than 30,000 dollars, or 330,000 kroner at today's exchange rate. Although the vehicle is referred regarded as a taxi, it will also be available to regular passengers. When asked when this might be doable, Musk responded:
- I'm usually optimistic about time, but this is 2026. Put it this way: before 2027.
The Tesla taxi, which has two doors but no steering wheel or pedals, is set to go into production in 2026. The Tesla taxi, which has two doors but no steering wheel or pedals, is set to go into production in 2026. Tesla intends to put fully autonomous vehicles on the road in Texas and California next year. Musk thinks that private Tesla owners might profit from their vehicles by allowing them to operate as taxis. Critics argue that Musk has repeatedly missed deadlines for self-driving technologies. In 2015, he promised full autonomy in three years, and in 2019, he said that Tesla would have a million robotaxis on the road by 2020.
Tesla also demonstrated its humanoid robot, Optimus, which prepared beverages for the guests. The robot is intended to work as labor at Tesla manufacturing. Musk has previously described the robot as one of the most essential products Tesla will build. The robots, which stand roughly 1.7 meters tall and weigh 65 kilos, are designed to do tedious, repetitive, and risky tasks.
According to Musk, the Optimus robot will be in use at the Tesla factory beginning next year and the robots would be mass-produced for a maximum of 20,000 dollars each. However, Musk has already predicted the debut of Optimus. Back in 2021, the Tesla CEO indicated that the robot would be ready for usage the following year, in 2022.