EV maker Tesla reported better-than-expected results for the third quarter. The Texas-based company beat the analysts’ profit forecasts despite coming up slightly short on revenue predictions.
Tesla’s Cybertruck became the third-bestselling EV in the third quarter.
The company reported $25.2 billion in third quarter revenue, which is up 8% compared to the year-ago number. Of that, $20 billion of that came from its automotive business, which was 2% higher than last year’s results.
Overall, the company’s adjusted EBITDA was up 24% from $3.8 billion to $4.7 billion and its net income rose to $2.2 billion from $1.9 billion: a 17% jump. The company attributed the improvements to a variety of factors.
“Despite sustained macroeconomic headwinds and others pulling back on EV investments, we remain focused on expanding our vehicle and energy product lineup, reducing costs and making critical investments in AI projects and production capacity,” Tesla said in a statement.
Sales growth
The company may be many things to many people, but at this point its still primarily an electric vehicle maker and it managed to do that very well in the third quarter. It produced 443,668 Model 3 and Model Y vehicles, which is up 6%.
Tesla’s Model Y is still the bestselling EV in the U.S. despite a wave of new competitors.
Perhaps just as importantly, is delivered 439,975 of those vehicles. That is 5% more than last year’s Q3. The company didn’t break out its Cybertruck numbers separately, but did note the truck became the third-largest-selling EV in the U.S. behind the Model Y and Model 3. Not only did it hit No. 3 on the sales charts, it achieved a positive gross margin for the first time, officials noted.
It also produced its 7 millionth vehicle worldwide on Oct. 22.
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Looking ahead
Tesla’s recently debuted Cybercabs utilize Full Self-Driving technology.
The company says it has plenty of cash on hand to fund its future products as well as the development of additional vehicles. The immediate vehicles on the glide path are the Roadster, which is supposed to show up sometime in 2026. Also, the Cybercab, which made its debut Oct. 12, allegedly will begin production in late 2026 or early 2027.
“Plans for new vehicles, including more affordable models, remain on track for the start of production in the first half of 2025,” the company noted. “These vehicles will utilize aspects of the next generation platform as well as aspects of our current platforms and will able to be produced on the same manufacturing lines as our current vehicle lineup.”
Officials also said the company was between two “major growth waves.” The first one was the expansion of the Model 3 and Model Y. The next one will come with advances in autonomy and the company’s next round of products. This means the company will see only slight growth in vehicle deliveries in 2024.
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