On October 22, 2024, Tesla (TSLA) is set to announce its third quarter results, with investors keen on updates regarding the anticipated lower-cost electric vehicle (EV) and robotaxi developments.
Analysts expect Tesla to report a revenue of $25.42 billion, surpassing Q2's $25.05 billion and last year's $23.40 billion. The projected adjusted earnings per share (EPS) stands at $0.51, with an adjusted net income of $2.06 billion.
Tesla delivered 462,890 vehicles in Q3, reflecting a 6.4% increase from the previous quarter, yet slightly below Wall Street's expectations of 463,897 units. This marks the first quarter of delivery growth this year.
Despite the enthusiasm surrounding the Cybercab unveiled at the “We, Robot” event on October 10, analysts expressed disappointment over the lack of detailed information regarding the product and its rollout. Bernstein analyst Toni Sacconaghi noted the absence of specifics on Tesla's new offerings, which he believes may hinder the company's competitiveness against rivals like Waymo and Cruise.
Investors are also looking for clarity on Tesla's plans for a sub-$30,000 EV, known as Model 2, which may be showcased in the upcoming shareholder presentation.