Q3 2024 Tesla Inc Earnings Call Transcript
Key Points
- Tesla Inc (TSLA) achieved record deliveries in Q3 2024, despite a challenging automotive environment.
- The energy storage business is experiencing strong demand, with the Lathrop Megapack factory reaching a 40 gigawatt-hour annual run rate.
- Tesla's internal 4680 battery cell is approaching cost competitiveness, potentially becoming the most competitive cell in North America.
- Significant improvements in Full Self-Driving (FSD) technology, with expectations of a five to six-fold improvement in miles between interventions.
- Tesla's AI and robotics advancements, including humanoid robots and autonomous vehicles, are progressing rapidly, with plans to roll out ride-hailing services in California and Texas next year.
- Tesla Inc (TSLA) faces challenges in sustaining automotive margins due to economic conditions and financing incentives.
- The rollout of autonomous vehicles is contingent upon regulatory approvals, particularly in states like California.
- There is uncertainty regarding the capability of Hardware 3 to achieve unsupervised FSD, which may require upgrades.
- Tesla's focus on autonomy and high-tech features may lead to longer wait times at service centers, despite efforts to improve service efficiency.
- The development of the Tesla Roadster has been delayed, as the company prioritizes projects with a more significant impact on sustainable energy.
Good afternoon, everyone, and welcome to Tesla's Third Quarter 2024 Q&A Webcast. My name is Travis Axelrod, Head of Investor Relations, and I'm joined today by Elon Musk, Vaibhav Taneja, and a number of other executives. Our Q3 results were announced at about 3:00 p.m. Central Time in the update deck we published at the same link as webcast.
During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC. (Operator Instructions) Before we jump into Q&A, Elon has some opening remarks. Elon?
Thank you. So to recap, as someone was saying, something that what the industry was seeing year-over-year declines in order volumes in Q3. Tesla at the same time has
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