Cost reduction and efficiency improvement are not just empty words. Tesla demonstrated operational improvements in its Q3 2024 earnings report, with multiple key metrics significantly beating expectations. In terms of financial data:
Revenue was $25.18 billion, slightly below the expected $25.5 billion but still maintaining an 8% year-over-year growth.Automotive revenue reached $20.02 billion, up 2% YoY;Energy generation and storage revenue surged 52% YoY to $2.38 billion;Services and other revenue grew 29% to $2.79 billion.The highlight was the outstanding gross margin performance, reaching 19.8%, far exceeding the expected 16.7%.Free cash flow stood at $2.74 billion, surpassing expectations by 70.2%;Capital expenditures were $3.51 billion, up 43% YoY; adjusted EBITDA reached $4.67 billion, a 24% YoY increase.Operating margin was 10.8%, up 323 basis points YoY.Per-vehicle cost hit a record low of approximately $35,100, while regulatory credit revenue reached $739 million, marking the second-highest quarterly performance in history.
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