Tesla posts surprise $2.17 billion third-quarter profit, up 17.3% from a year ago
- by ABC News
- Oct 23, 2024
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The letter said that Tesla is on track to start production of new vehicles, including more affordable models, in the first half of next year, something investors had been looking for. The new vehicles will use parts from its current models and will be made on the same assembly lines as Tesla’s current model lineup, the letter said.
The new vehicles were not identified. CEO Elon Musk has said the company is working on a car that will cost about $25,000. Earlier this month, the company showed off a purpose-built two-seat robotaxi
at a glitzy event at a Hollywood movie studio. Musk said it would be in production before 2027.
By using parts from existing models and the current manufacturing system, Tesla won’t reach cost reductions that it previously expected. But the company said this method should enable more than 50% growth over 2023 production.
Tesla said it reduced the cost of goods per vehicle to its lowest level yet, about $35,100. “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 (artificial intelligence) projects and production capacity,” the letter said.
The company’s widely watched gross profit margin, the percentage of revenue it gets to keep after expenses, rose to 19.8%, the highest in a year, but still smaller than the peak of 29.1% in the first quarter of 2022.
During the quarter, Tesla’s revenue from regulatory credits purchased by other automakers who can’t meet government emissions targets hit $739 million, the second highest quarter in company history.
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