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Tesla (TSLA) Q3 2024 earnings results

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Tesla (NASDAQ:TSLA) posted its Q3 2024 earnings report after markets closed today. The results, which were discussed in the Q3 2024 Update Letter, were released after the closing bell on Wednesday, October 23, 2024.

During the third quarter, Tesla produced a total of 469,796 vehicles, comprised of 443,668 Model 3/Y and 26,128 other models. Q3 deliveries were listed at 462,890 vehicles, comprised of 439,975 Model 3/Y and 22,915 other models.

Following are the key results of Tesla’s Q3 2024 earnings results.

Revenue

In the third quarter of 2024, Tesla posted total revenues of $25.18 billion, with automotive revenues at $20.02 billion. In comparison, analysts polled by FactSet expected Tesla’s Q3 2024 revenue to hit $25.47 billion. Tesla’s company-compiled consensus listed a total revenue of $25.29 billion. 

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Earnings Per Share

Tesla’s non-GAAP earnings per share for the third quarter of 2024 was listed at $0.72, while GAAP EPS for Q3 2024 was listed at $0.62. Analysts polled by FactSet expected Tesla to post a profit of $0.59 per share, while Tesla’s company-compiled consensus listed an estimated EPS of $0.60 per share. 

Profitability

Tesla posted $2.7 billion GAAP operating income in the third quarter. The company also posted $2.2 billion of GAAP net income and $2.5 billion of non-GAAP net income in Q3 2024.

Cash

Tesla posted an operating cash flow of $6.3 billion in the third quarter, as well as free cash flow (FCF) of $2.7 billion. The electric vehicle maker also noted that it saw a $2.9 billion increase in its cash and investments in the third quarter to $33.6 billion. This is a new record for the company.

COGS

Tesla is already a very efficient automaker, but the company is still optimizing its operations. As per the Q3 2024 Update Letter, Tesla’s cost of goods sold (COGS) per vehicle came down to its lowest level ever at ~$35,100 in the third quarter.

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Operational Milestones

Tesla posted a number of operational milestones in the third quarter. As per the Q3 2024 Update Letter, Tesla increased its AI training compute by over 75% in Q3 2024. The Cybertruck also became the third best-selling EV in Q3 in the U.S., just behind the Model Y and Model 3. Moreover, over two billion miles have been driven cumulatively on FSD (Supervised) as of Q3, with more than 50% being on FSD V12.

Below is Tesla’s Q3 2024 Update Letter.

TSLA-Q3-2024-Update by Simon Alvarez on Scribd

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.

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Simon is an experienced automotive reporter with a passion for electric cars and clean energy. Fascinated by the world envisioned by Elon Musk, he hopes to make it to Mars (at least as a tourist) someday. For stories or tips--or even to just say a simple hello--send a message to his email, simon@teslarati.com or his handle on X, @ResidentSponge.

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Elon Musk

Tesla Full Self-Driving is getting a major parking upgrade, Elon Musk says

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Credit: Tesla

Tesla Full Self-Driving is going to be getting a major parking upgrade. That’s according to CEO Elon Musk, who detailed a crafty new feature that will improve parking preferences, removing a layer of human input.

Musk said that upcoming releases of Full Self-Driving will “remember your parking preferences.” It will go to the location you prefer, based on where you’ve parked in the past, instead of taking the first spot available, which is where the suite is currently.

The CEO went on to explain that destination parking is “by far” the biggest reason for intervention during FSD operation. We’d have to believe this is true; many takeovers in my Model Y, which runs the latest version of FSD as it is in the Early Access Program, are due to parking because it chooses a spot I do not want to be in.

Many times, as soon as I enter a parking lot, I take over and park manually. I prefer to park away from the entrance of wherever I am, away from cars. Too many lessons learned over the years from people with free-swinging doors.

We’d imagine these new updates will also solve things like parking orientation. Let’s say when you arrive at work, you always park in the third spot in the third row, and you prefer to back in. It seems as if Musk is implying that your car will now do this, learning from takeovers and aiming to eliminate the need to manually park whenever possible.

This is a major upgrade because parking is a major shortcoming of FSD currently. We’ve requested things like manual input of parking preferences, choosing to park far away, first available, or away from cars, for example.

However, some have used the option of dropping a pin at the location you’d like to park at your destination. This has worked some of the time, but FSD will still choose to park in whatever it sees first.

Musk did not give a timetable for when the improvements would be released, but it is likely to come soon. Tesla has been releasing a new FSD version every few weeks, so we may not have to wait long to test it.

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Tesla Full Self-Driving and App Connectivity save life in medical emergency

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Credit: Tesla

In a remarkable demonstration of how advanced vehicle technology can intersect with family care and rapid response, a Tesla Model Y equipped with Full Self-Driving (FSD) Supervised helped save a driver’s life during a severe heart attack. The incident, which occurred on November 15, 2025, highlights the life-saving potential of Tesla’s connected ecosystem.

John Brandt, 55, was driving his new 2026 Model Y Launch Edition on Interstate 20 from Atlanta toward Birmingham early that morning. He had recently received the FSD v14.1.3 update. Around 3:50 a.m., he began experiencing severe chest pain. Barely conscious and unable to safely control the vehicle, John managed to call his son, Jack Brandt.

FSD Supervised remained engaged, keeping the car steadily on course while John reached out for help.

As an authorized driver on his father’s Tesla account, Jack quickly sprang into action from his own phone. He located Tanner Medical Center in Carrollton, Georgia—a facility equipped for cardiac emergencies—via Google Maps and shared the destination directly through the Tesla app.

The Model Y responded immediately, rerouting: it took the next exit, turned around on I-20, navigated local roads, and pulled directly up to the emergency room entrance. Jack also alerted hospital staff that a heart attack patient was en route in a Tesla.

Doctors diagnosed John with a massive STEMI heart attack, requiring immediate intervention on three blocked arteries. They later confirmed that without the swift reroute, John likely would not have survived—whether he had pulled over to wait for an ambulance or attempted to continue driving. He received life-saving treatment and is now recovering fully.

Tesla shared the story on X, including an interview video featuring John and Jack reflecting on the event. John described the terrifying onset of symptoms, while Jack detailed the ease of remote intervention thanks to the app’s features. Only authorized users with vehicle access can change navigation destinations, adding a layer of security and family coordination.

This case underscores Tesla’s emphasis on connectivity and supervised autonomy. Features like remote navigation allow loved ones to assist in real-time emergencies, while FSD handles complex driving tasks reliably. Tesla notes that FSD Supervised requires active driver supervision and is not fully autonomous; this was a specific incident, not a general emergency protocol.

The story has resonated widely, with many praising Tesla’s technology for bridging gaps in critical moments. Jack previously shared details on social media in February 2026, and Tesla’s recent post has amplified its reach. As vehicles become smarter and more connected, such integrations could redefine personal safety on the road—turning cars into proactive partners in health crises.

For Tesla owners, the incident serves as a powerful reminder to add trusted family members as authorized drivers and explore FSD capabilities. While no technology replaces professional medical care, this blend of AI-assisted driving and seamless app control proved invaluable. John’s survival stands as a testament to innovation that prioritizes human life.

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Elon Musk predicts Grok will start to challenge Hollywood by the end of 2026

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Gage Skidmore, CC BY-SA 4.0 , via Wikimedia Commons

In a bold declaration on X, xAI CEO Elon Musk announced that its model will be capable of creating full movies by the end of the year. Quoting an xAI post showcasing a stunning AI-generated trailer for Homer’s The Odyssey, Musk simply stated: “Full movies by the end of the year.”

The quoted video, created entirely with the newly released Grok Imagine Video 1.5, demonstrates the rapid strides in AI video generation. Crafted by creator David Thompson, the 2-minute-plus trailer reimagines the ancient epic in the style of a 1970s classical Hollywood blockbuster. It features 36 meticulously consistent shots that form a cohesive narrative world.

Its realistic nature is truly mind-blowing, and it’s pretty amazing to think that it cool to think it could create an entire movie soon.

The trailer reimagines The Odyssey as a whole, and opens with a concept board outlining the vision: a retelling of the story using 35mm film aesthetics, classical framing, and other elements.

There are a handful of things that truly outline Grok’s capabilities:

  • Scale and Physics: A bloodied Spartan helmet rests on a sandy battlefield amid smoke, marching armies, and flocks of birds. Horses gallop, chariots charge, and warriors clash with believable weight and motion.
  • Emotional Depth and Dialogue: Close-ups capture intense expressions, as characters deliver lines like a warrior’s grief-stricken speech on a rocking ship.
  • Cinematic Workflow: It’s hard to believe AI created this trailer, as editing and suspense are clearly detailed in this trailer

Now, why is this a big deal? AI has been a real threat to the way movies have been made over the past several decades. It’s no secret that the various AI platforms out there are becoming more capable, but Musk has said that he believes things would be “watchable” by the end of this year, and by the end of 2027, Grok would be able to create “really good” movies.

There are several issues that remain, most notably the ability to remain cohesive throughout the length of a film, energy requirements, copyright questions for training data, and artistic intent. Hollywood has created some of the greatest cinematic masterpieces over the past 100 years, but 2026 could be the year AI not only assists but also independently authors cinema.

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