Quarterly financial data for Tesla approaching, stakeholders seeking clarification on electric vehicle strategies
Tesla Q3 2024 Financial Results and Future Plans
Tesla is gearing up for the release of its Q3 2024 financial results, with the company planning to publish the report within three weeks, after US market close (10 PM German time). The anticipation is high, as investors and enthusiasts alike are eager to gain insights into the electric vehicle giant's performance and future plans.
The newly installed storage capacity in Q3 2024 increased by 72% to 6.9 gigawatt-hours. This expansion is a significant step forward in Tesla's renewable energy initiatives.
Tesla's electric vehicle sales in Q3 2024 were higher than in the same period last year, indicating a growing demand for the company's products. The most popular question submitted in advance for the conference is whether Tesla is still on track to deliver an affordable model next year. The management's response could provide much-needed clarity on this highly anticipated development.
Inquiries about the Semi truck and the Roadster are also among the top ten questions, reflecting the diverse range of Tesla's product portfolio and the public's interest in its offerings.
CEO Elon Musk's focus for the future lies in autonomous machines, specifically electric vehicles and humanoid Tesla robots. However, these autonomous machines currently account for only a small fraction of Tesla's revenue.
Analysts expect Tesla's total revenue in Q3 2024 to exceed the previous year's figure, with an average estimate of $25.4 billion, about 9% more than in Q3 2023. Despite higher revenue, the market expects a decrease in earnings. An average of $0.60 is expected for Q3 2024 earnings per Tesla share, a drop of around 9% compared to last year's adjusted earnings of $0.66.
Particular attention will likely be paid to the automotive gross margin without the volatile revenue from the sale of CO2 credits after Tesla's announcement. The automotive gross margin excluding regulatory credits has been steadily declining since early 2022, reaching 14.6% recently.
A conference call with management representatives is scheduled for 11:30 PM in Germany, which could provide more clarity on Tesla's future electric vehicle program and plans for upcoming self-driving cars. The management usually addresses investor questions about new electric vehicles, but often only with the information that further details will be provided at a later date.
Investors are particularly interested in plans for the affordable model expected to have a starting price below the Model 3 and Model Y but the exact price has not been officially confirmed yet; it is rumored to be positioned as a cheaper model than their current lineup, aimed to launch possibly as early as 2025 or 2026.
The second most popular question is about a Tesla electric vehicle for $25,000. While details about this potential vehicle are scarce, the growing interest in an affordable electric vehicle option underscores the public's desire for sustainable and cost-effective transportation solutions.
As Tesla continues to innovate and push the boundaries of what is possible in the electric vehicle industry, the Q3 2024 financial results and conference call will provide valuable insights into the company's progress and future direction. Stay tuned for more updates.
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