Tesla is once again making headlines, but this time with its spectacular third-quarter performance. The company’s market value was boosted by $80 billion thanks to a surge in Cybertruck sales.
Its Q3 performance marks the first time the electric vehicle (EV) maker has turned a profit on the Cybertruck, with CEO Elon Musk describing this period as Tesla’s most profitable quarter in more than a year.
According to Cox Automotive, more than 16,000 Cybertrucks were sold in Q3 “despite the six-figure price tag.”
Tesla’s Cybertruck and Cybercab
As per the 2024 Q3 update, Tesla reported a GAAP (Generally Accepted Accounting Principles) operating income of $2.7 billion and a net income of $2.2 billion.
During this time, the Cybertruck (with a price tag of around $100,000) also became the third best-selling EV in the US.
Meanwhile, Tesla unveiled the Cybercab – a vehicle created solely for autonomous driving as it has no traditional controls like pedals or a steering wheel.
The Cybercab delivers around 5.5 miles per kWh, and production of the AV will kick off in 2026. Tesla is aiming for a target of at least 2 million units, potentially up to 4 million.
ALSO READ: Tesla Cybercab robotaxi reveal delayed due to ‘design change’
During Tesla’s Q3 earnings call, Musk again spoke about his vision of turning Tesla into “the world’s most valuable company.”
Musk’s 2025 vision for Tesla
Musk projects a 20% to 30% growth in deliveries for the next year, and his ambitious plans include the rollout of ridesharing services in Texas and California. This would mean steep competition for Uber, Lyft and other established competitors.
In addition, the manufacturing of the Cybercab fits into Musk’s broader goal of enhancing Tesla’s product lineup with more autonomous vehicles. He said the “affordable model” could start at around $30,000.
Tesla will also be expanding its supercharging network, despite layoffs in the team back in May. At the time, Musk said it was time to “reorganize” the company, emphasizing the need for “absolutely hard-core” measures.
Two senior executives were impacted by this – director of the supercharger group, Rebecca Tinucci, and head of new products, Daniel Ho.
NOW READ: Layoffs: Elon Musk ‘hard-core about headcount’
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About the author
Cheryl has contributed to various international publications, with a fervor for data and technology. She explores the intersection of emerging tech trends with logistics, focusing on how digital innovations are reshaping industries on a global scale. When she's not dissecting the latest developments in AI-driven innovation and digital solutions, Cheryl can be found gaming, kickboxing, or navigating the novel niches of consumer gadgetry.
