Tesla (NASDAQ: TSLA) today will announce its third-quarter financial report, with the market set to learn about its financial status after Wednesday's close. Tesla has reported its delivery numbers following the end of the third quarter, significantly surpassing Wall Street's expectation of around 462,000 vehicles, ultimately delivering 486,532 vehicles. Although this represents a notable increase, it is a 2.1% decline compared to the same period last year. Energy storage deployments reached 13.7 GWh, showing year-over-year growth. With demand appearing strong, Tesla showrooms had cleared out before the end of the third quarter.
For this quarter, analysts have compiled forecasts for Tesla's report to be released after market close today: Total revenue: US$28.34B (approximately HK$221.8 billion), non-GAAP earnings per share: US$0.43 (approximately HK$3), operating margin: 2.5%, operating income: US$721M (approximately HK$5.62 billion), free cash flow: approximately -US$4.51B (approximately HK$35.2 billion).
Tesla is expected to show strong delivery growth in its third-quarter financial report
During the conference call, we expect to hear several key points: automotive gross margin and overall profitability. The gross margin for the second quarter was 16.3%, down from 19.2% in the first quarter, affected by warranty costs and some minor regulatory credits. The market consensus predicts an overall gross margin close to 18%, but failing to meet this target could heighten concerns about pricing pressures on its vehicles. Additionally, attention will be on the profitability of energy storage, especially since Tesla did not meet GWh expectations, although it was still a strong quarter.
Questions from retail investors typically focus on the progress of Robotaxi/Cybercab, unsupervised FSD, and Optimus, and this quarter is no exception. Key points of interest include the expansion of the Cybercab fleet beyond Austin, the timeline for unsupervised FSD in customer vehicles, the unit economics of Robotaxi, and the unit costs of Optimus and when it will start generating revenue. Any specific timelines or details on regulatory pathways could significantly impact the stock price, more so than the recent financial figures.
Speculation regarding the SpaceX merger was elaborated on during SpaceX's financial report last night and may resurface, although key details were shared then. Elon Musk confirmed the steps towards a merger between Tesla and SpaceX that investors are anticipating.
Here are some questions investors may raise: How will the Cybercab fleet expand beyond Austin, considering the NHTSA's safety review, and what is the regulatory pathway? When can we expect unsupervised FSD in customer vehicles? When will Cybercab be available for customers to purchase/own? How does the unit economics of Robotaxi compare on a per-mile basis to the thirty-cent target? Tesla has acknowledged that HW3 vehicles cannot support unsupervised FSD; when will owners know if they can upgrade their hardware for free, and when will a clear plan be provided?
The complete financial report conference call will be live-streamed tonight at approximately 5 PM after the market closes.