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Elon Musk can smile. Tesla presented its latest quarterly results this Wednesday, October 23, and the figures are well above analysts' forecasts. Optimism is also in order for 2025. Explanations.
In detail, the manufacturer delivered 462,890 vehicles during the third quarter, compared to only 443,956 in the second quarter. The company seems on track to match its 2023 figures of 1.8 million sales, or even obtain a slight increase.
Tesla's revenues are, however, a little below expectations. The firm reported third-quarter revenue of $25.18 billion, narrowly missing Wall Street's forecast of $25.43 billion.
Quoted by Bloomberg, Gene Munster, managing partner of Deepwater Asset Management, comments: “Investors who wanted something today got better-than-expected earnings and growth in shipments”.
Enough to boost the company's enthusiasm, which underlines in a press release:
Despite ongoing macroeconomic headwinds and declining investment in electric vehicles, we remain focused on expanding our vehicle and energy product offerings, reducing costs, and making critical investments in AI projects and manufacturing capacity. We believe these efforts will enable us to capitalize on the ongoing transition in the transportation and energy sectors.
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Elon Musk has been enthusiastic about wooing investors, with the billionaire even saying he expects deliveries to grow by 20-30% next year. He says he hopes the Cybercab will begin rolling out as early as 2026.
Already imagining Donald Trump back in the White House, the entrepreneur also dreamed of a new role within his administration to “measure the effectiveness of government”. Such a position also raises questions in terms of potential conflicts of interest, as its various companies are impacted by federal government investments and regulations. To learn more about this, you can reread our dedicated article here. This bet is also commercially risky for Tesla because we know that a large part of the company's customers are Democrats.
We could imagine the public somewhat scalded by Elon Musk's empty promises, but this is not the case. Tesla shares jumped 12% on Wall Street this Wednesday. Enough to increase its valuation by 80 billion dollars.
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