October 25, 2024 – Tesla’s stock price surged by 21.92% on October 24th, marking the company’s largest single-day gain since May 2013. The stock closed at 260.48pershare,withamarketvalueincreaseofapproximately150 billion overnight.
This significant jump in Tesla’s share price was primarily driven by the impressive financial results announced by the company on Wednesday. In the third quarter of 2024, Tesla’s net profit and gross profit margin exceeded market expectations, with revenue reaching $25.18 billion, an 8% increase year-on-year.
The company reported a net profit of $2.17 billion, representing a 17% year-on-year growth. Additionally, Tesla’s gross profit margin rose to 19.8%, an increase of approximately 2 percentage points compared to the same period last year. Even after deducting profits from other businesses and carbon credits, the automotive gross profit margin stood at a remarkable 17.1%.
In terms of sales, Tesla delivered approximately 463,000 electric vehicles worldwide in the third quarter of 2024, setting a new record for quarterly deliveries in the year. This milestone achievement comes as Tesla celebrated the production of its 7 millionth vehicle on October 22nd.
Looking ahead, Tesla CEO Elon Musk predicts that the company’s car sales will increase by 20% to 30% in 2025, barring any significant negative events. This optimistic forecast further fuels the excitement surrounding Tesla’s continued growth and market domination in the electric vehicle industry.
