Tesla’s third-quarter 2024 global deliveries increased 6% year over year. The company’s third-best quarter to date indicates that there is still a growing market for its electric cars. The 462,890 units delivered altogether represent a noteworthy accomplishment. With 439,975 units sold, the Tesla Model 3 and Model Y lead the market. Other models, including the much-awaited Cybertruck, Model S, and Model X, accounted for 22,915 units.
Production vs. Deliveries: Q3 Breakdown
Tesla produced 469,796 automobiles during Q3 2024, which includes 443,668 Model 3 and Model Y units. 26,128 units were sold under the other models, which included the Cybertruck, Model S, and Model X. Despite production exceeding deliveries, the slight difference suggests that an additional 7,000 vehicles were overproduced.
Compared to the 435,000 deliveries made in the same quarter last year, the 462,890 deliveries in Q3 2024 mark a 6% increase. However, the deliveries for this quarter are less than the record 484,507 units delivered in Q4 2023 and the 466,140 units delivered in the second quarter of 2023. Analysts estimate that in the forthcoming Q4 of 2024, Tesla might tie the record set last year.
Analysts Expectations
According to FactSet, analysts had predicted that Tesla would produce about 462,000 units in Q32024. With 462,890 deliveries, Tesla marginally surpassed this and matched or exceeded market forecasts. Although traditionally, analysts have underestimated Tesla’s performance, more accurate estimates have been made recently, suggesting that analysts now have a better grasp of the company’s growth potential.
Energy Storage Deployment
Tesla said that in Q3 2024, 6.9 GWh of energy storage solutions were deployed in addition to car deliveries. It represents a minor slowdown in the deployment of energy storage, as it is less than the 9.4 GWh reported in Q2. Though the numbers were lower this quarter than last, Tesla’s energy division is still important.
On the day of the news, Tesla shares dropped 3.3% in premarket trading even though deliveries were on schedule. This is after a fantastic showing in September when Tesla’s stock increased by 22%. Stock movements frequently follow delivery reports, particularly when expectations are not far exceeded.
Tesla’s Q3 2024 Earnings Call
Wednesday, October 23, 2024, following market close, is when Tesla is scheduled to reveal its Q3 2024 financial results. During the live Q&A portion of the earnings call, Tesla’s management, including CEO Elon Musk, will address the company’s financial results and prospects. Updates on Tesla’s continuing initiatives, like Optimus, the Tesla Semi, and the Robotaxi, are of special interest to investors.
Deliveries from Tesla in Q3 2024 marginally exceeded forecasts, indicating a good year-over-year increase. The business will need a solid fourth quarter to reach its yearly delivery goals. Though its stock may fluctuate, Tesla’s leadership in the electric vehicle sector is still firmly established due to the underlying demand for its cars and energy products.
