Tesla Q3 2024 earnings report is out: stock rises for the best day since 2013

Tesla released its Q3 2024 earnings with stock surging 17% on Thursday morning, including the fact that the EV automaker shipped 462,890 vehicles in Q3 2024.

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Tesla explained in its press release: "In the third quarter, we produced approximately 470,000 vehicles, delivered approximately 463,000 vehicles and deployed 6.9 GWh of energy storage products".

The company said in its earnings deck: "We delivered strong results in Q3 with growth in vehicle deliveries both sequentially and year-on-year, resulting in record third-quarter volumes. Preparations remain underway for our offering of new vehicles - including more affordable models - which we will begin launching in the first half of 2025".

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Tesla continued in its report: "Refreshed Model 3 ramp continued successfully in Q3 with higher total production and lower cost of goods sold quarter-over-quarter. Cybertruck production increased sequentially and achieved a positive gross margin for the first time".

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Tesla said it delivered 462,890 vehicles in Q3 2024 which is up 6.4% quarter-over-quarter, and up from the 435,059 EVs that it delivered this time last year. The company is expecting "significant growth" in 2024, with CEO Elon Musk saying during the conference call that 20% to 30% growth next year is possible.