Tesla (TSLA) is about to release Q3 2024 financial results on Wednesday, October 23, after the markets close. As usual, a conference call and Q&A with Tesla’s management are scheduled after the results.
Here, we’ll look at what the street and retail investors expect for the quarterly results.
Tesla Q3 2024 deliveries
Elon Musk says that Tesla is now an AI/Robotics company, but its automotive business still drives its financials.
Earlier this month, Tesla disclosed its Q3 2024 vehicle production and deliveries:
Production
Deliveries
Subject to operating lease accounting
Model 3/Y
443,668
439,975
3%
Other Models
26,128
22,915
1%
Total
469,796
462,890
3%
The deliveries were roughly in line with Wall Street’s expectations.
Now that energy storage is starting to contribute to Tesla’s revenue more meaningfully, the company has also started sharing deployment in its quarterly delivery and production numbers.
Tesla confirmed that it deployed 6.9 GWh of energy storage capacity in Q3 2024.
Tesla Q3 2024 revenue
For revenue, analysts generally have a pretty good idea of what to expect, thanks to the delivery numbers, and now the energy storage deployment data.
However, Tesla’s average price per vehicle is changing a lot these days due to frequent price cuts and discounts across many markets, which makes things more difficult.
The Wall Street consensus for this quarter is $25.468 billion, and Estimize, the financial estimate crowdsourcing website, predicts a slighty higher revenue of $25.541 billion.
Here are the predictions for Tesla’s revenue over the past two years, with Estimize predictions in blue, Wall Street consensus in gray, and actual results are in green:
Interestingly, the expectations are now roughly the same revenue as Tesla achieved last quarter despite Tesla delivering almost 20,000 additional vehicles.
The difference makers are likely the fact that Tesla deployed about 3 GWh less energy storage, which contributed $3 billion to revenue last quarter and the regulatory credit sales, which are hard to predict.
Tesla Q3 2024 earnings
Tesla always attempts to be marginally profitable every quarter as it invests most of its money into growth, and it has been successful in doing so over the last three years.
However, like revenues, it has been harder to estimate earnings over the last year with price cuts and subsidized loans digging into Tesla’s industry-leading gross margins.
For Q3 2024, the Wall Street consensus is a gain of $0.60 per share, which Estimize’s crowdsourced prediction.
Tesla had earnings of $0.66 per share during the same period last year.
Here are the earnings per share over the last two years, where Estimize predictions are in blue, Wall Street consensus is in gray, and actual results are in green:
Tesla has rarely beaten EPS estimates over the last year, and the difference maker is often Tesla’s regulatory credit sales.
Other expectations for the TSLA shareholder’s letter and analyst call
Beyond the financial results, Tesla always gives broader updates and answers shareholder questions in its shareholder letter and conference call with management following the release of the results.
Tesla gathers questions from shareholders from the “Say Technologies” website.
Here are the currently most upvoted questions, which are likely to be answered by management, and my comments on them:
Is Tesla still on track to deliver the more affordable model next year, as mentioned by Elon earlier, and how does it align with your AI and product roadmap?”
Musk’s general answer to product questions on earnings calls is “this is not the place for product announcements”, but the fact that the question also mentions Tesla’s AI shift could lead him to comment and clarify Tesla’s plans for vehicles with steering wheels.
When can we expect Tesla to give us the ~$25K, non-robotaxi, regular car model?
As we have previously reported, this vehicle program was canceled by Musk earlier this year and replaced by new vehicle programs based on Model 3 and Model Y that will be more expensive than $25,000, but less expensive than the current ~$40,000 versions of these vehicles.
What is Tesla doing to alleviate long waiting times on service centers ?
More of a consumer-related question, but not a bad one. Tesla is indeed having issues with unacceptable wait times at service centers in some regions. It has been a recurring problem for Tesla, but it became a bigger problem with the layoffs earlier this year.
If Musk gives again his answer of “the best service is no service”, people are going to start taking it with a different meaning.
What’s the plan for 2025?
This is literally the fourth most upvoted question.
When will Tesla incorporate X and Grok in all of the Tesla Vehicles?
And this is the fifth most upvoted one.
Tesla then takes questions from Wall Street analysts, who I hope will be questioning Musk’s all-in bet on self-driving and why Tesla can’t share any data about its FSD program to prove the progress it is claiming to be achieving, but I won’t hold my breath.
The focus will likely be on gross margins and how much they are affected by the subsidized interest rates and discounts.
Also, as the odds of Trump winning the elections are increasing, I expect some will look at the potential impact of his policies on Tesla’s very lucrative business of selling regulatory credits.
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In a bid to keep up with the rapid growth of EVs, Chicago Department of Transportation (CDOT is currently seeking public feedback on a plan called “Chicago Moves Electric Framework.” The city’s first such plan, it outlines initiatives that include a curbside charging pilot through the city’s utility, ComEd, and expanded charging access in key areas throughout the city.
Unlike other such plans, however, the new plan aims to focus on bringing electric vehicle charging to EIEC and low income communities, too.
“Through this framework, we are setting clear goals and identifying solutions that reflect the voices of our residents, communities, and regional partners,” said CDOT Commissioner Tom Carney. “By prioritizing equity and public input, we’re creating a roadmap for electric transportation that serves every neighborhood and helps drive down emissions across Chicago.”
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Neighborhoods on the south and west sides of Chicago experience a disproportionate amount of air pollution and diesel emissions, largely due to vehicle emissions according to CDOT. Despite that, most of Chicago’s public charging stations are clustered in higher-income areas while just 7.8% are in environmental justice neighborhoods that face higher environmental burdens.
“Too often, communities facing the greatest economic and transportation barriers also experience the most air pollution,” explains Chicago Mayor Brandon Johnson. “By prioritizing investments in historically underserved areas and making clean transportation options more affordable and accessible, we can improve both mobility and public health.”
The Framework identifies other near-term policy objectives, as well – such as streamlining the EV charger installation process for businesses and residents and implementing “Low-Emission Zones” in areas disproportionately impacted by air pollution by limiting, or even restricting, access to conventional medium- and heavy-duty vehicles during peak hours.
The Chicago Moves Electric Framework includes the installation of Level 2 and DC fast charging stations in public locations such as libraries and Chicago’s Midway Airport, “supporting not only personal EVs but also electric taxis, ride-hail and commercial fleets.”
Chicago has a goal of installing 2,500 public passenger EV charging stations and electrifying the city’s entire municipal vehicle fleet by 2035.
Electrek’s Take
ComEd press conference at Chicago Drives Electric, 2024; by the author.
Bodo G-Wagon electric golf cart; via Mecum Auctions.
With a fully-enclosed, G-Wagen-inspired body and an 80 mile electric range, the Bodo G-Wagon golf cart is the NEV you need when you decide it’s time to get serous one-upping the rest of the Palm Beach country clubbers.
The shiny black 2024 Bodo G-Wagon sold at Mecum Auctions last month for $31,900, which seems like it might not be a lot of money to the sort of person who decides to take a flyer on a goofy, limited-use EV that ships with real, metal doors, power windows, heating and air conditioning, fully digital instrument cluster and infotainment, and a “posh,” caramel leather interior.
It even has windshield wipers, power steering, and a rear-seat entertainment system that’s built into the front headrests!
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It’s really nice in there
Under the hood, the Bodo packs a 15 kW (20 hp) electric motor drawing power from a 10 kWh li-ion battery that won’t deliver a scorching 0-60 mph time (it only goes 35), but will deliver you and your buddies from one end of any golf course in North America and back several times over, thanks to the G-Wagon’s 80 mile range.
The official Mecum Auctions listing goes into a bit more detail, and I’ve included it here, in case it gets deleted after a while and you’re just finding this for the first time in 2027:
Be the envy of any country club or golf community showing up with this 2024 Bodo G-Wagon Golf Cart. Perhaps more appropriately known as an E-Wagon, this baby G-Wagon is powered by a 15kW motor with a 10kWh lithium battery. Boasting an 80-mile range and a 35 MPH top speed, the Bodo is an enclosed, luxury golf cart that pampers occupants with heating and air conditioning, rear-seat entertainment, power windows, power locks and a posh, caramel-colored interior. With the Bodo fitted with power steering and 4-wheel power disc brakes with brake boost, drivers will think they’re in a full-size G-Wagon, thanks to the multiscreen entertainment cluster, the rearview camera, windshield wipers, turn signals, running lights and so much more.
Finished in black with the right amount of brightwork, the overall vibe is one of jaw-dropping, smile-inducing fun. While the Bodo would be an excellent choice for any golf community, it should also prove to be hugely popular around a race track or car condo community as well, or maybe even a neighborhood with its own airplane runways. Over the past decade in particular, the demand for unique, luxury golf carts has been on the rise, and understandably so. The number of luxury communities with specific interests in sports, aero and auto has also been on the rise, with people buying homes in these exclusive locations to better engage with like-minded people. All too often a golf cart is the perfect way to get around these gated neighborhoods, and this one is enclosed, comes with the amenities of a full-size car and is infinitely more stylish.
You can check out a few more photos of the 2024 Bodo G-Wagon golf cart that sold at Mecum, below – and if you want one for yourself, you’re in luck! I found this brand-new 2025 “G600 E-Wagon” (in white) for $23,900 at Gulf Carts in Santa Rosa Beach, Florida. Head on down to the comments and let us know if you buy it.
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The Hyundai IONIQ 5 got a raft of upgrades and sporty, rally-focused XRT trim level for 2025 – but the biggest upgrade for the Made in America Hyundai might be this: the 5 has regained eligibility for the full $7,500 federal EV tax credit!
Despite being assembled at Hyundai’s Georgia meta plant for the last four month, the 2025 Hyundai IONIQ 5 was nowhere to be found on the EPA’s list of rebate-eligible vehicles. But that was then – with a fresh updated to the list coming online May 1st, Hyundai’s new-age electric hot hatch is back in the rebate game.
As if to celebrate, Hyundai announced that it was taking on the celebrate One Lap of America road rayy and race event in a factory collaboration with the track-focused enthusiasts at Grassroots Motorsports this week with One Lap veterans Andy Hollis and Tom Suddard campaigning a stock, 601 hp 2025 Hyundai IONIQ 5 N in the Alternative Fuels class.
“After winning our class in a gutted, caged race car last year, we wanted to compete in the best-of-all worlds this year: A vehicle that’s incredibly fast, incredibly comfortable on a road trip, and incredibly capable on a racetrack,” explains Suddard. “Electrification means it’s finally possible to have huge power without huge compromises in a street car, and the IONIQ 5 N promises to pair that huge power with the durability and capability to survive a week of racing.”
One Lap is widely regarded as one of the toughest street-legal motorsports events in the world, pitting amateur and professional drivers alike compete in stock and heavily modified vehicles of every description, battling it out in a series of scored challenges, including timed events at road courses, drag strips, skid pads, and autocross courses.
In between tracks, competitors safely travel thousands of miles around the country, proving the mettle and durability of the vehicles and the teams that drive them. This year, 86 teams from all over the country will compete in 17 scored events over the course of eight days at tracks like Virginia International Raceway and NCM Motorsports Park.
The Tire Rack One Lap of America is currently underway – you can track the Hyundai’s progress here, then let us know what you think of this new tax development in the comments.
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