U.S.-based electric vehicle and clean energy company Tesla’s revenue for the third quarter (Q3) of 2024 rose 8% year-over-year (YoY) to $25.18 from $23.35 billion on the back of growth in vehicle deliveries and energy generation and storage services.

The company also saw an 8% YoY rise in net profit from $2.32 billion to $2.5 billion.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) also rose by 24% to $4.67 billion in Q3 2024 from $3.76 billion in the same quarter last year.

Tesla has been profitable due to lower cost per vehicle, aided by lower raw material costs, freight and duties, and other one-time charges.

“Despite sustained macroeconomic headwinds and others pulling back on EV investments, we remain focused on expanding our vehicle and energy product lineup, reducing costs, and making critical investments in AI projects and production capacity. We believe these efforts will allow us to capitalize on the ongoing transition in the transportation and energy sectors,” the company said.

Energy Generation and Storage

The energy business achieved a gross margin of 30.5% in Q3, a sequential increase of 596 bps, despite lower Megapack volumes. Powerwall achieved record for the second quarter in a row. The ramp of Powerwall 3 and the Lathrop Megafactory continued,  with Lathrop demonstrating 200 Megapack production (40 GWh annual run rate) in a single week.

As of Q3, over 100,000 Powerwalls were enrolled in Virtual Power Plant programs, delivering additional financial value to owners. The Shanghai megafactory remains on track to begin shipping Megapacks in Q1 2025, Tesla said.

The company’s storage deployment rose 75% to 6.9 GWh in Q3 from 4 GWh in the same quarter last year.

 

Tesla installed 6706 supercharger stations and 62,421 supercharger connectors during the quarter.

In the third quarter, the company produced approximately 470,000 vehicles and delivered 463,000 vehicles.

Tesla’s revenue for the second quarter (Q2) of 2024 rose 2% YoY to $25.5 billion, as declining automotive sales were partially offset by booming energy storage business.

In the first quarter of 2024, Tesla reported total revenue of $21.3 billion, a 9% YoY decrease. The decline in revenue was attributed to a lower average selling price and a drop in vehicle deliveries, partly influenced by updates to the Model 3 at the Fremont factory and production disruptions at Giga Berlin.