Tesla stock is surging Thursday after the third quarter earnings call and its best quarter in over a year. We missed the upgrade. Tesla surged on second-consecutive gross margin expansion to 19.80%, lower cost of goods sold per vehicle, and Musk's 20-30% growth outlook for next year. We expect to see trouble on the Q4 report as better margins aren't expected to stick yet and Tesla is unlikely to hit its 2024 vehicle goals.
Tesla continues to push the boundaries of artificial intelligence with its deep knowledge of autonomous solutions.
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Colin Rusch, Oppenheimer senior research analyst, joins 'Squawk Box' to discuss Tesla's quarterly results and post earnings surge, what's next for the EV maker, Tesla's autonomous driving ambitions, competition from China, and more.
Tesla's Q3-2024 automotive revenue reached $20.016 billion, showing resilience despite seasonal demand shifts and macroeconomic fluctuations. Energy revenue surged 174.4% over ten quarters, highlighting Tesla's growing focus on diversified revenue beyond automotive sales. Services revenue, including maintenance and insurance, grew by 90.3% in Q3-2024, strengthening customer loyalty and lifetime value.
Though the third-quarter (Q3) report did not exceed – or even meet – expectations with all the critical metrics, it nonetheless proved positive enough to break Tesla's (NASDAQ: TSLA) long losing streak in 2024.
U.S. stocks settled mixed on Friday, with the Nasdaq Composite surging to an all-time high during the session. Both the Dow Jones and S&P 500 ended a six-week winning streak, falling around 1% and 2.7%, respectively.
Tesla CEO Elon Musk stunned investors and analysts with plans to grow vehicle sales by 30% next year, buoyed by a new, cheaper model and enthusiasm for self-driving software, but delivering on that promise would surprise much of Wall Street.
Goldman Sachs has maintained its 'neutral' rating on Tesla Inc (NASDAQ:TSLA) despite a boost in the company's profit margins, pointing to significant challenges that could affect the electric vehicle maker's ambitious targets for 2025. Elon Musk's EV maker recently reported a gross margin of 19.8% for the third quarter of 2024, exceeding both Goldman Sachs's forecast and market expectations.
Elon Musk commented on the company's potential valuation, and the potential is staggering.
Over the weekend, Tesla extended some 0% financing deals for car buyers in China.
Michele Schneider of Marketgauge.com shares her outlook for Tesla.