1. Corporate Milestones and Production
- 7 Millionth Vehicle: Tesla celebrated the production of its 7 millionth vehicle at the Fremont factory, showcasing significant growth in manufacturing.
- Affordability and Efficiency: The cost of goods sold (COGS) per vehicle has dropped to an all-time low, aimed at enhancing vehicle affordability.
2. Vehicle Production and Sales
- Model 3 and Y:
- The refreshed Model 3 ramp continued successfully, maintaining Tesla’s momentum in the electric sedan market.
- Model Y became the best-selling vehicle in several European countries, including Sweden, Netherlands, Denmark, and Switzerland in 2024.
- Cybertruck:
- Achieved positive gross margin for the first time, indicating successful scaling of production.
- Production numbers increased sequentially, promising for future delivery expectations.
3. Global Manufacturing Highlights
- Giga Shanghai:
- Reached the 3 million car production milestone.
- Exported its 1 millionth car, reflecting Tesla’s strong position in the global market.
4. Future Models and Production
- New Vehicles: Preparations are underway for launching more affordable models in the first half of 2025.
- Cybercab and Robovan: Unveiled at the “We, Robot” event, these vehicles are designed from the ground up for autonomy.
- Cybercab will utilize Tesla’s next-gen platform with a highly efficient powertrain, aiming for production in 2026 with an ambitious target of 2 million units per year without a ramp-up period.
5. Technological Advancements and AI
- FSD (Full Self-Driving) Supervised:
- Version 12.5 released with significant improvements in safety and comfort due to increased computational power and data.
- Plans for unsupervised FSD by 2025, with version 13 on the horizon.
- AI Training Compute: Scaling up with plans for a 50k H100 GPU cluster by the end of October 2024, showcasing Tesla’s commitment to AI development.
6. Energy Sector Growth
- Tesla Energy:
- Record gross margin for Tesla Energy products.
- Megafactory in Lathrop demonstrated a production capacity of 200 Megapacks per week.
- Over 100,000 Powerwalls enrolled in Virtual Power Plant (VPP) programs, marking significant deployments.
7. Future Projections and Plans
- Vehicle Growth: Elon Musk predicts a 20-30% vehicle growth in 2025.
- Ride-Hailing Service: Operational for Tesla employees in San Francisco, with expansions planned for Texas and California in 2025.
- Roadster Development: The next-generation Tesla Roadster is nearing its design finalization.
8. Manufacturing and Battery Innovations
- 4680 Cells: Produced the 100 millionth cell, continuing advancements in battery technology with dry cathode manufacturing lines.
9. Conclusion
Tesla’s Q3 2024 updates reflect a company at the forefront of electric vehicle technology, autonomous driving, and renewable energy storage. With plans for new vehicle models, increased production efficiencies, and the expansion of its energy products, Tesla continues to push the boundaries of what’s possible in sustainable transportation and energy solutions.
For more detailed insights, visit Tesla’s Investor Relations website or view the full Q3 2024 Update PDF directly from Tesla:
https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q3-2024-Update.pdf
This blog post aims to provide Tesla enthusiasts, investors, and the general public with a clear, organized summary of Tesla’s advancements and future projections as of Q3 2024.
