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.
FTC: We use income earning auto affiliate links.More.
In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss our GMC Sierra EV Denali first drive, Hyundai Ioniq 9 unveiling, Jaguar’s rebranding, and more.
Sponsored by ALSET Auto: North America’s leader in paint protection and restyling; offering colored wraps, paint protection, window tint, ceramic coatings and more, exclusively on EVs.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:
We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.
Here are a few of the articles that we will discuss during the podcast:
Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET):
FTC: We use income earning auto affiliate links.More.
It’s official: Chrysler will finally launch an electric Pacifica minivan. The company is developing clever storage ideas that could make it even more functional than Volkswagen’s recently introduced ID.Buzz. But you’ll have to wait a little longer to get your hands on one.
Chrysler confirms plans to launch an electric Pacifica
Chrysler has yet to release its first fully electric vehicle. Although the nearly 100-year-old automaker has teased several EV concepts, we have yet to see one come to fruition. That will change soon.
Earlier this year, the company revealed its Halcyon Concept, a futuristic sports car-like EV drastically different from Chrysler vehicles currently on the road. The model builds on previous concepts, like the Airflow crossover introduced in 2022.
Chrysler’s CEO, Christine Feuell, said the Halycon would be brought to life with advanced new tech from parent company Stellantis, sleek new styling, and a software-defined connected cockpit.
The radical design will be used in future Chrysler vehicles, including the electric Pacifica. At the LA Auto Show this week, Feuell confirmed to GreenCarReports that the Pacifica is due for an overhaul in 2026. The refresh will lay the groundwork for the first electric Pacifica, which is expected to launch the following year.
Chrysler’s CEO hinted the upcoming Pacifica EV could challenge Volkswagen’s ID.Buzz, the first electric minivan to arrive in the US.
While you’ll need to remove the seats for that open-air space in the ID.Buzz, Chrysler is working on more functional solutions. According to Feuell, the company is developing a system like its patented Stow ‘N Go Seating to open up space in the rear.
Although nothing is set in stone, one option is adjustable front seats, enabling the second row to be stored underneath.
Electrek’s Take
As Chrysler’s only production model in 2024, it only makes sense to launch an electric Pacifica. The Pacifica hybrid was the fourth best-selling plug-in hybrid in the US in Q3. It also accounted for 14% (3,009) of the 21,504 Pacifica models sold last quarter.
Meanwhile, the company is quickly losing market share in the US. Pacifica sales crashed 44% in Q3 and are down 18% through September.
Several new larger electric SUVs, like the Kia EV9, are already hitting the market, and more are on the way, including the recently unveiled Hyundai IONIQ 9. With the electric Pacifica not due out until 2027 (at the earliest), Chrysler will likely continue losing ground as new, more advanced competitors roll out.
FTC: We use income earning auto affiliate links.More.
Tesla has converted an entire Shell gas station into a Supercharger station for electric vehicles in Spain, and it looks fantastic.
One of the favorite arguments of electric vehicle naysayers is that there are not as many charging stations as gas stations – making EVs less convenient.
The argument is flawed since most EVs are charged overnight when parked, and they can be charged literally anywhere there’s an electric outlet, which is not the case with gas-powered vehicles.
Most of the time, charging electric vehicles is more convenient than refueling a gas-powered car, and that’s going to become more widespread as time goes on because there are more charging stations being deployed, and many gas stations are going away.
In some cases, EV charging stations are directly replacing some.
Today, we get to see a beautiful example in Cordoba, Spain, where Tesla took over a Shell gas station and converted it into (hat tip to Aland≡Bru on X):
While it is not completed, it’s particularly interesting to see that Tesla has kept a similar design to the classic gas station setup.
The only thing missing to this charging station is solar power, which is the best way to charger your electric car, and the best solar is on your home. If you want to find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage. EnergySage is a free service that makes it easy for you to go solar – whether you’re a homeowner or renter. They have hundreds of vetted solar installers competing for your business (including Tesla and Powerwall certified installers in some markets), ensuring you get high-quality solutions and save 20 to 30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online, and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links.More.