On October 24th Beijing time, Tesla released its financial report for the third quarter of 2024. Tesla's third quarter revenue reached $25.2 billion (approximately RMB 179.57 billion), a year-on-year increase of 8%; The non GAAP net profit for the third quarter was $2.5 billion (17.81 billion yuan).
In terms of cash flow, the operating cash flow for the third quarter was 6.3 billion US dollars (44.89 billion yuan), the free cash flow for the third quarter was 2.7 billion US dollars (19.24 billion yuan), and the cash and investment for the third quarter increased by 2.9 billion US dollars (20.67 billion yuan), reaching 33.6 billion US dollars (239.43 billion yuan).
Tesla's cost of bike sales (COGS) has dropped to a historic low of approximately $35100 (about 250000 yuan).
In addition, Tesla rose sharply after the market closed. As of the close of the US stock market on October 23, Tesla's stock price closed at $213.65. As of 19:59:59 Eastern Time, Tesla's stock price rose $25.85 to $239.5 in after hours trading, an increase of 12.10%.
Accumulated electric vehicle production reaches 7 million units
In terms of electric vehicles, approximately 463000 electric vehicles were delivered globally in the third quarter of 2024, setting a new quarterly delivery record for 2024. Previously, on October 22nd, Tesla welcomed the production of its 7 millionth complete vehicle worldwide.
According to the financial report, the Cyber SUV became the third best-selling electric vehicle in the United States in the third quarter, second only to Tesla Model Y and Model 3.
On October 10th, Tesla released two models, Cybercab (Cybercab) and Robovan (Robovan), designed specifically for autonomous driving without a steering wheel or pedals. It is reported that Tesla's autonomous electric vehicles strive to reduce travel costs, and in the future, the cost per mile will be lower than shared mobility, private cars, and even public transportation.
Meanwhile, in the third quarter, Tesla produced its 100 millionth 4680 battery cell and continued to advance the construction of its dry electrode production line. Musk believes that the 4680 battery is about to become the most competitive battery.
The Shanghai Gigafactory also produced its 3 millionth complete vehicle in October this year, and exported its 1 millionth complete vehicle in September. The sales cost of bicycles in Shanghai's super factory continues to optimize, falling to the lowest level in history.
In addition, Tesla's supercharging network continues to expand, with over 2800 new supercharging stations added globally in the third quarter, a year-on-year increase of 22%.
FSD has accumulated over 3.2 billion kilometers of mileage, and all models in the series can be upgraded
The financial report shows that in the third quarter, Tesla's artificial intelligence training computing power increased by more than 75%.
As of now, the FSD fully autonomous driving capability (regulatory version) has accumulated over 3.2 billion kilometers of mileage, of which 50% comes from the V12.5 version. It is reported that the full autonomous driving capability of FSD can be pushed to its entire range of models in the future.
In the third quarter, Tesla released the FSD fully autonomous driving capability (Driver Supervision Edition) V12.5 version. According to the financial report, thanks to the increase in data and training volume, as well as a fivefold increase in the number of parameters, the safety and comfort of this version of FSD's fully autonomous driving capability have been improved. Musk had expected that the FSDV13 version would increase the intervention interval mileage by more than 500 times compared to the V12 version.
At present, Tesla has released an upgraded version of the intelligent summoning function ASS (which allows your car to automatically drive towards you in the parking lot), and users have used intelligent summoning more than 1 million times.
At the same time, Tesla has also pushed the FSD fully autonomous driving capability (Driver Supervision Edition) to owners of Cyber Land Cruisers, including end-to-end neural networks for highway driving.
The installed capacity of energy storage products increased by 73% year-on-year, and the gross profit margin reached a new high
In terms of energy storage, the installed capacity of energy storage products in the third quarter reached 6.9 gigawatt hours, a year-on-year increase of up to 73%. The cumulative installed capacity in the first three quarters of this year soared to 20.4 gigawatt hours. The energy business achieved a record breaking 30.5% gross profit margin in the third quarter, with a month on month increase of 596 basis points.
According to the financial report, Tesla has been actively deploying energy storage business globally, and the weekly production capacity of the Raslop Energy Storage Gigafactory in California, USA has reached 200 units.
The Shanghai Energy Storage Gigafactory invested and built in China is Tesla's first energy storage Gigafactory established outside the United States. It is expected to start production in the first quarter of 2025 and supply the Chinese and global markets.
In addition, Tesla's Mega Pack energy storage super factory has a weekly production capacity of 200 units.
The localization rate exceeds 95%, and Tesla has been selected as an excellent case of supply chain innovation and application in Shanghai in 2024
On the same day, at the 11th Shanghai Supply Chain Development Conference, Tesla (Shanghai) Co., Ltd. was awarded the 2024 Shanghai Supply Chain Innovation and Application Excellent Case for its "Super Manufacturing, Connecting the World" case.
It is reported that Tesla has been cooperating with the Chinese supply chain for more than a decade, and after the construction of the Shanghai Gigafactory in 2019, it began to enter the stage of deep integration with the Chinese supply chain. With the support of the Chinese supply chain, the Shanghai Gigafactory achieved product delivery in the first year of operation, running at the speed of China and Tesla.
In the following years, Tesla continued to accelerate and produced over 3 million electric vehicles in less than five years.
At present, the localization rate of Tesla's Shanghai Gigafactory components has exceeded 95%, with over 360 local first tier suppliers. Key components including integrated die-casting body panels, power batteries, motors, etc. have been localized for production. Local procurement comprehensively drives the production of various raw materials in the upstream of new energy vehicles, integrated systems such as batteries, drive motors, electronic control, and circuits in the midstream, and supporting facilities such as DC charging piles and battery recycling in the downstream. All enterprises in the entire industry chain jointly improve their technological level and production capacity.
In addition, Tesla's localization development has successfully helped 60 Chinese suppliers enter Tesla's global supplier system, supplying the European and North American markets.
Tesla has also driven the takeoff of China's new energy vehicle industry. Data shows that in the first three quarters of this year, China's production and sales of new energy vehicles reached 8.316 million and 8.32 million respectively, an increase of 31.7% and 32.5% year-on-year. In the past three months, the sales proportion of new energy passenger vehicles has been above 50%, achieving a new breakthrough. The export of new energy vehicles reached 928000 units, a year-on-year increase of 12.5%.
The data also shows that the overall operation of China's automobile industry was good in the first three quarters. From the overall perspective of the automotive industry, it has maintained steady growth. In the first three quarters, the added value of the automotive industry increased by 7.9% year-on-year, with production and sales of 21.47 million and 21.571 million vehicles respectively, an increase of 1.9% and 2.4% year-on-year. Accumulated exports of 4.312 million vehicles, a year-on-year increase of 27.3%. From January to August, the operating revenue and total profit of the automotive industry increased by 3.2% and 3% year-on-year, respectively.
