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Tesla reported strong third-quarter earnings on Wednesday, surprising Wall Street. The company announced that it had produced 469,796 electric vehicles and delivered 462,890, with the Model 3 and Model Y making up about 95% of deliveries.
In Q3 2024, total revenue was up 8% year-over-year, hitting $25.18 billion, while operating expenses were down 6%, reaching $2.28 billion. Net income went up 17% compared to the same time last year, from $1.85 billion to $2.17 billion.
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"The industry was seeing year-over-year declines in order volumes in Q3," said CEO Elon Musk on the call. "Tesla, at the same time, has achieved record deliveries… It is notable that Tesla is profitable despite a very challenging automotive environment, and this quarter actually is a record Q3 for us."
Tesla CEO Elon Musk. Photo by Patrick Pleul/picture alliance via Getty Images
Musk also revealed on the call that the company has been testing a robotaxi ride-hailing service in the Bay Area for its employees "for the good part of the year."
Tesla employees in the Bay Area have had access to a ride-hailing service for months, he said, as the company tests self-driving features and pushes for regulatory approval. A safety driver is currently present for the rides.
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Tesla's goal is to shape the future of energy, robotics, transportation, and AI at "a time when others are just focused on managing around near-term trends," Musk said. He said that other companies are "missing the AI brain" when it comes to technology, like Tesla's Optimus robots.
Musk affirmed that Tesla was on the right path.
"If we execute on our objectives, I think we will, my prediction is Tesla will become the most valuable company in the world and probably by a long shot," Musk said.
Tesla is the 12th most valuable company in the world as of press time, with a market capitalization of $787.95 billion.
The company also announced it made its seven-millionth car on Tuesday.
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