Written by Cláudio Afonso | LinkedIn | X
Tesla reported stronger than expected third quarter earnings results on Wednesday.
Despite not unveiling a specific number for the guidance of vehicle deliveries, the company led by Elon Musk said it expects a “slight growth” this year. In 2023, Tesla delivered 1.81 million vehicles, up 38% from the year before.
The company reaffirmed that is “between two major growth waves” teasing that new products under its next generation vehicle platform will be responsible for the next phase.
“Our company is currently between two major growth waves: the first one began with the global expansion of the Model 3/Y platform and we believe the next one will be initiated by advances in autonomy and introduction of new products, including those built on our next generation vehicle platform,” Tesla stated.
“Despite ongoing macroeconomic conditions, we expect to achieve slight growth in vehicle deliveries in 2024. Energy storage deployments are expected to more than double year-over-year in 2024,” the company added.
Tesla delivered 462,890 vehicles in the third quarter taking its year to date deliveries to about 1.29 million units.
The company also revealed that produced 469,796 vehicles including 443,668 Model 3/Y and 26,128 Model X, S, Semi and Cybertrucks.
Regarding profit outlook, Tesla stated, “While we continue to execute on innovations to reduce the cost of manufacturing and operations, over time, we expect our hardware-related profits to be accompanied by an acceleration of AI, software and fleet-based profits”.
Tesla reported an EPS of $0.72, $0.14 higher than the analyst estimate of $0.58.
Revenue for the quarter came in at $25.18 billion, below the consensus estimate of $25.4 billion.
Written by Cláudio Afonso | LinkedIn | X
