Tesla

Tesla Q3 2024 Financial Update: Semi Truck Production Plans

Tesla reported strong Q3 2024 financial results with total revenue reaching $25.2 billion, up 8% year-over-year, while providing an update on its commercial vehicle strategy.

Key Production Updates:

• Semi truck factory preparation continues on schedule
• Production builds planned to begin by end of 2025
• Location confirmed at Nevada facility

While Tesla’s current focus remains on its passenger vehicle lineup, with successful production ramps of the refreshed Model 3 and Cybertruck, the company maintains its commitment to entering the commercial vehicle segment with the Semi truck. The company achieved $2.7 billion in operating income for Q3, representing a 10.8% operating margin, providing strong financial backing for its expansion into the commercial vehicle market.

Tesla’s cash position strengthened to $33.6 billion by quarter-end, supported by $2.7 billion in free cash flow, giving the company significant resources to fund the Semi truck production ramp-up scheduled for late 2025.

While specific Semi truck order numbers or production targets were not disclosed, Tesla’s growing manufacturing expertise, demonstrated by milestones such as its 7-millionth vehicle production in October, suggests strong operational readiness for the upcoming Semi truck production launch.