Tesla Strengthens Market Positions Around the World

Image credit: Tesla

Tesla reported strong Q3 2024 financials and is gaining ground in Q4. The company is expanding markets for Cybertruck deliveries, ramping up production, and preparing to test Robotaxi services next year. Welcome to Jowua round up of weekly news.

Cybertruck arrives in Canada

The first Cybertrucks will soon be delivered to Canada. These will be Foundation Series units, starting at $137,990. Last week, the company began assigning VINs. Several customers reported that they were scheduled for delivery on November 5, 2024, in Ontario. According to the report, Tesla will hold a celebration event on November 4, but the exact time and location have not been disclosed.

Robotaxi service to launch next year

According to a note from investment firm Deutsche Bank, Tesla is preparing to roll out its Robotaxi service as early as next year. It will be done on a small scale, most likely in Texas. This is a logical step to test the service close to the company’s factory and headquarters, where its top engineers are located. Production of Cybercab, designed specifically for the widespread deployment of these services, is expected to begin in the second half of 2026 at Giga Texas.

Tesla Fremont factory produces its millionth Model Y

Last week, Tesla celebrated another milestone: the Fremont factory produced its millionth Model Y. It was recorded on October 25, 2024. Remarkably, this amazing milestone was achieved on a production line housed in a tent. The tent facility in Fremont has been the production site for Model 3 since 2018, and, after the introduction of Model Y, it began producing the crossover SUV.

Model Y became Europe’s best-selling car in September

Model Y was Europe’s best-selling car in September, according to preliminary sales data from Dataforce. This marks the second time this year that the SUV has taken the top spot in monthly sales. Tesla sold 28,680 units, beating its closest competitor by almost 8,000 units. Volkswagen Tiguan is second with 20,763 units, and Renault Clio is third with 20,306. It is worth noting that the data includes sales in the European Union, EFTA markets, and the UK, while Hungary and Slovakia are yet to report.

Tesla boosts Q3 2024 financials

Tesla has reported an EPS of $0.72 in Q3 2024, $0.14 better than the analyst estimate of $0.58. The key figures reported by the company are:

Profitability
• $2.7B GAAP operating income in Q3
• $2.2B GAAP net income in Q3
• $2.5B non-GAAP net income in Q3

Cash
• Operating cash flow of $6.3B in Q3
• Free cash flow of $2.7B in Q3
• $2.9B increase in our cash and investments in Q3 to $33.6B

Operations
• Increased AI training compute by over 75% in Q3
• Cybertruck became the third best-selling EV in Q3 in the US (behind only Model Y and Model 3)
• Over two billion miles driven cumulatively on FSD (Supervised) as of Q3 with more than 50% on V12