In the third quarter of 2024, the Tesla Cybertruck became the third best-selling electric car in the United States. This success comes while other major automakers such as Ford and General Motors are still struggling to find customers for their electric products.
According to Kelley Blue Book research institute, Cybertruck is the third best-selling electric car in America with more than 16,000 units sold. In comparison, the sale of Ford F-150 Lightning was only about 7,000 units and the sale of Mustang Mach-E SUV was a little over 13,000 units. Despite early success with its new Blazer and Equinox EVs, General Motors sold a total of only about 32,000 EVs last quarter. Ravin, another rival of Tesla, has delivered only about 3,800 electric cars to its customers so far.
In its third quarter financial report, while confirming its position among the top three electric car sellers in America, Tesla announced that this car has managed to create a positive gross profit margin.
In the third quarter of this year, Tesla earned $25.2 billion in revenue and $2.2 billion in profit. A significant part of this profit is the sale of 739 million dollars of Tesla’s regulatory credits to other car manufacturers. According to the announcement of this car manufacturer, the presentation of new features such as Smart Summon (Actually Smart Summon) and fully autonomous software has started for Cybertruck owners; For this reason, a part of the funds that the owners have paid in advance for these features is considered as income.
Continuous cost reduction by Tesla also plays an important role in the profitability of this company. Tesla has announced to shareholders that the company’s cost to build each car has now dropped to $35,100. This positive statistic in the third quarter caused the price of Tesla shares to increase by more than 9% in after-hours trading.
It seems that cost cutting has not had a positive effect on all of Tesla’s divisions. The company announced a 20% increase in supercharge stations compared to last year, which is the slowest growth rate in recent years. This comes as Tesla retrenched its Supercharger team earlier this year as part of a company-wide downsizing.
