Tesla’s stock is soaring by 20% today following its Q3 2024 earnings call yesterday, where CEO Elon Musk highlighted the company’s achievements and future goals.
Musk shared that, despite challenges in the automotive sector, Tesla delivered record-breaking results. “Tesla is profitable despite a very challenging automotive environment,” he said, emphasizing that the company stands out in an industry where few, if any, EV divisions turn a profit.
During the call, Musk noted that Tesla reached a major milestone, producing its 7-millionth vehicle just the day before. “That’s a staggeringly immense amount of work to make 7 million cars,” Musk remarked, congratulating Tesla’s team for their effort.
Tesla also showcased advancements in its energy storage business and autonomous technology. The company recently hosted its “We, Robot” event where its Cybercabs and Model Ys operated fully autonomously throughout the night (1,300 flawless rides), demonstrating Tesla’s progress toward a driverless future.
“There was no way for anyone to intervene manually even if they wanted to. And the whole night went very smoothly,” Musk said, underscoring the technology’s reliability.
Looking ahead, Tesla plans to introduce more affordable models by early 2025, aiming for 20% to 30% growth in vehicle sales next year. Musk added that Cybercab production is on track to reach volume levels by 2026, with a target of at least 2 million units annually, potentially doubling to 4 million.
Musk also expressed excitement about Tesla’s advancements with its 4680 battery cells, which are nearing cost competitiveness. “The 4680 is tracking to be the most competitive,” Musk stated, while reassuring that Tesla would continue to source cells from suppliers to meet growing demand.