TESLA
Musk’s wealth gain was the third-largest of his career, taking his fortune to $270.3 billion, $61 billion ahead of second-place Jeff Bezos. Tesla stock and options account for about three-quarters of his fortune, which also includes large stakes in SpaceX, social media platform X and artificial intelligence company xAI. Musk, 53, has also been in the spotlight for his increasingly vocal — and costly — support for Republican candidate Donald Trump. In recent weeks, he has campaigned in Pennsylvania alongside Trump and spent $75 million on his own super PAC, which has focused on funding Republican voter mobilization efforts and digital advertising. Trump has said he would ask Musk to lead a new department focused on cutting red tape, dubbed the Office of Government Efficiency, if elected to a second term.
In a live broadcast after Tesla reported its earnings, Musk said he would push for a federal approval process for autonomous vehicles if he were appointed to a position in a potential second Trump administration. Tesla is banking on autonomous vehicles as a key area of growth. Musk said he expects Tesla to begin rolling out Cybercab robotaxis in 2026 and plans for the company to eventually produce 2 million to 4 million units per year.
“My prediction is that Tesla will become the most valuable company in the world, and probably by a large margin,” Musk said.
Tesla revealed its financial results at the end of the 3rd quarter of 2024, which can be considered positive given the expectations of Wall Street analysts. The men at the North American stock exchange predicted US$ 25.468 billion in revenue and the automaker fell 1.12% short of this objective, but this result did not even leave any bitter taste in the mouth, since the profits, or rather, the distribution of earnings per share exceeded the US$0.60 expected by analysts by 20%. Hence the price of the construction company's shares appreciated by 7% today, at the opening, and then reached an increase of 21.9% after closing time.
Not only did the division of profits excite investors, as Tesla had other tricks up its sleeve. Starting with higher-than-usual profitability, with the North American electric vehicle manufacturer announcing a gross profit margin of 19.8%, also rising 20% compared to the same period in 2023. All in all, operating expenses fell by 6 %, while the operating profit margin rose to 10.8%, well above the 5.5% and 6.3% achieved in the 1st and 2nd quarters of this year.
Tesla's results announcement also made it possible to understand the production and sales volume of the brand's models, even if only by model groups. As expected, 443,668 units of the Model 3 and Model Y were manufactured, with 439,975 sold, with this duo leading production and sales, as only 26,128 units of the Model S, Model X and Cybertruck were manufactured, 22,915 of which are delivered to customers. In total, Tesla sold 462,890 vehicles from July to September (9% more than in 2023) and manufactured 469,796 (8% more).
The brand also revealed the production capacity currently installed in the different manufacturing units it has spread across the USA, China and Europe. Gigafactory Shanghai is the leader, with the capacity to produce more than 950,000 units/year of Model 3 and Y, followed by the brand's oldest factory, in California, which combines 100,000 Model S and X, 550,000 Model 3 and Y Berlin produces 375,000 Model Y units, so the construction company's latest factory, in Texas, has the installed capacity to produce 250,000 Model Y and 125,000 Cybertrucks annually. You can see the 3rd quarter results presentation ceremony below:
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