However, Musk announced that there will be an increase in net profit as well as an increase in profitability for the first time in 2024 compared to 2023. According to Musk, Tesla’s third quarter revenue was $25.18 billion, below the estimate of $25.47 billion.
However, the company’s electric vehicle sales and net income rose 8% year over year, halting the consistent decline in earnings in the third quarter of 2023. Musk emphasized that Tesla is between “two major waves of growth.”
He also announced that profitability has increased thanks to the China Gigafactory in Shanghai, the most economical of Tesla’s businesses. According to the company president, it was possible to further reduce production costs.
After that, Forbes reported, citing analytics agency FactSet, that “Musk’s company returned to profit growth – shares rose 12%.” Additionally, Musk noted that he expects a “slight increase” in electric vehicle supply this year.
Source: Ferra
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