Musk and Co. Pull Up on Q3 Earnings Announcement as Tesla Shares Make Gains in Premarket
Yesterday after the market close, Tesla (TSLA) reported Q3 earnings that surprised the Street as EPS came in at $0.72 vs FactSet $0.59. Revenue came slightly under consensus at $25.1Bn vs FactSet $25.47Bn. The company expects to achieve slight growth in its vehicle deliveries for 2024 and to remain on track for the start of production of new models and more affordable vehicles in the first half of 2025.
The company expects capex to exceed $11Bn in 2024 vs its prior guidance of $10Bn and be between $8-$10Bn for the following two fiscal years as previously stated. Additionally, as it relates to future outlook, the company’s vehicle growth surpassed consensus of 15% and cited it sees 20-30% in vehicle growth for next year.
During the conference call, Musk stated that the Cybercab would achieve volume production by 2026, not just begin production, with the company targeting an annual output of 2 million Tesla Cybercabs. Musk also mentioned that the company is conducting tests of robotaxi summoning and driving in the San Francisco area for employees, with safety drivers behind the wheel.
Shares of Tesla were currently trading upwards of 14% in premarket trade.
