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Quarterly Report — Q3 2024
Filed October 24, 2024
Q3 2024 revenue came in at $25.18 billion, up 8% year-over-year but with automotive sales essentially flat as price cuts continued to pressure margins. The real story is the energy generation and storage segment, which surged to become a meaningful profit contributor, while services and other revenue grew steadily. Tesla ended the quarter with a strong cash position but faces ongoing margin compression in its core auto business as it bridges toward next-generation vehicles.
What is Quarterly Report?
Filed after each of the first three fiscal quarters with unaudited financial statements, management discussion, and any material changes to risk factors or legal proceedings.
Quarterly financial update — tracks business trajectory between annual reports.
Extracted Milestones (5)
Energy Generation and Storage Backlog Reaches $6.61 Billion
As of September 30, 2024, Tesla had $6.61B in unsatisfied or partially unsatisfied performance obligations for energy generation and storage contracts with original terms over one year, with $4.23B expected to be recognized in the next 12 months.
Automotive Regulatory Credits Backlog at $4.58 Billion
As of March 31, 2025, Tesla had $4.58 billion in unsatisfied or partially unsatisfied performance obligations for automotive regulatory credit contracts with original expected length of more than one year, with $1.46 billion expected in the next 12 months.
China Working Capital Facility Expanded by RMB 20B and Extended to 2028-2029
In March 2025, Tesla extended the availability of its China Working Capital Facility through April 2028 (maturity through April 2029), and in September 2025 increased aggregate lender commitment by RMB 20 billion, supporting expanded Shanghai Gigafactory operations.
FSD Deferred Revenue Grows to $3.83B
Deferred revenue related to FSD (Supervised) features, internet connectivity, free Supercharging programs, and over-the-air software updates grew to $3.83B as of September 30, 2025, up from $3.60B at year-end 2024, indicating continued customer uptake of FSD.
AI Infrastructure Capital Expenditure Ramp — $3.7B in Assets
Tesla's AI infrastructure assets on the balance sheet grew from $1.51B at year-end 2023 to $3.69B as of September 30, 2024, reflecting a major investment ramp in AI training/inference compute capacity.