Key Financial Metrics:

• Revenue: Tesla recorded revenue of $25.182 billion in the third quarter of 2024, showing a year-on-year increase of 7.8%, slightly below market expectations. 
• EPS: Diluted earnings per share (EPS) on a non-GAAP basis for Q3 were $0.72, showing an almost 9.1% increase compared to the previous year, surpassing analysts' anticipated figure of $0.60.
• Gross Profit: The gross profit for Q3 was $4.997 billion, a 19.6% increase year-on-year, with a gross profit margin of 19.8%, surpassing analysts' projected 16.8%.
• Operating Profit: Q3 operating profit reached $2.717 billion, showing a 54% increase year-on-year, with an operating profit margin of 10.8%.
• Net Income: Non-GAAP net income for Q3 was $2.505 billion, marking an 8.1% rise from the previous year. 
• Cybertruck Gross Profit: The Cybertruck achieved a positive gross profit margin for the first time, aligning with the company's profitability goal by 2024.

Market Response

Following the release of Tesla's Q3 financial report, the market responded positively. Despite slightly lower revenue than expected, the profit and EPS increases exceeded Wall Street's projections. Several Wall Street firms raised their ratings and target prices for Tesla post-report. Morgan Stanley raised the target price from $240 to $260, Goldman Sachs maintained a "buy" rating and increased the target price to $275, and Bank of America Securities upgraded their rating from "neutral" to "buy" with a target price of $290.

Future Market Operation Plans

During Tesla's Q3 financial report conference call, Musk outlined the company's upcoming market strategies, including:

• Cybercab Mass Production Plan: Musk plans to start mass production of the autonomous taxi Cybercab in 2026, aiming for an annual production of 2 million units, a significant step for Tesla in the autonomous taxi sector.
• Launch of New Models: Tesla intends to introduce more affordable models starting in the first half of 2025, with electric vehicle prices expected to drop below $30,000, expanding Tesla's market reach and electric vehicle accessibility.

Furthermore, progress has been made in Tesla's Cybertruck and Semi models, with Cybertruck selling over 16,000 units in the U.S. during Q3. Tesla plans to begin full-scale production of Semi in 2026, anticipating strong demand. In autonomous driving, Tesla's Full Self-Driving (FSD) feature has made significant advancements, with the upcoming launch of FSD V13. Musk hinted at a potential 20%-30% increase in Tesla's car sales next year due to lower vehicle costs and the rise of autonomous driving.

After Tesla's Q3 financial report release, the company's stock price surged by over 12% in after-hours trading.

How to Invest Using uSMART

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