Australia Housing Crisis Deepens as Worker Shortages Delay Homebuilding 
KOSPI Rebounds 20% as Samsung, SK Hynix Lead South Korea Stock Rally 
Gold Prices Slip From Two-Month High as Inflation and Fed Outlook Drive Markets 
Australia Sets New Minimum Pay, Insurance Rules for Gig Workers 
Oil Prices Rise as Hormuz Tensions Threaten Global Supply 
Asian Currencies Steady Ahead of US CPI as Oil Prices Rise 
Japan Government Backs Earlier BOJ Rate Hike as Inflation Pressures Build 
Asian Stocks Mixed as RBA Holds Rates, Oil Risks Rise 
European Stocks Rise as U.S. Inflation Data Eases Fed Rate Hike Fears 
S&P 500, Nasdaq Slip as Oil Jumps on Iran Tensions 
U.S. Stock Futures Flat Ahead of July CPI Data 
Asian Currencies Steady as Markets Await U.S. Inflation Data 
England Drought Expands to 71% as Heatwave Deepens Water Crisis 
UK Economy Posts Surprise June Growth as World Cup and Hot Weather Lift Activity 
Canada, US Hold Fresh Trade Talks as August 19 Tariff Deadline Nears 
Gold Prices Rise as Fed Rate Hike Bets Ease 
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Tesla Beats Q3 Estimates, Forecasts 2024 Delivery Growth
Tesla delivered third-quarter results that exceeded Wall Street expectations, reflecting improved margins and stronger automotive sales. Despite challenges in the electric vehicle (EV) market, Tesla predicts "slight" growth in vehicle deliveries for 2024.
Q3 Earnings Surpass Expectations
For Q3, Tesla reported adjusted earnings per share (EPS) of $0.72 on revenue of $25.18 billion, beating analysts' forecast of $0.60 EPS, though revenue slightly missed the $25.4 billion estimate. Tesla shares rose by over 8% in after-hours trading.
The company’s automotive sales reached $20.02 billion, up from $19.63 billion in the same period last year. Additionally, gross margins, excluding regulatory credits, improved to 17.05%, up from 14.7% in the previous quarter.
Energy Business Hits New Record
Tesla's energy division posted a record gross margin of 30.5% in Q3, driven by increased Powerwall deployments, despite lower Megapack volumes. The company expects energy storage deployments to double year-over-year in 2024.
Services and Future Outlook
Tesla’s services and other business sectors saw a gross profit surge of over 90% year-on-year in Q3. Moving forward, the EV maker is preparing to introduce new, more affordable vehicles by the first half of 2025.
Although Tesla's stock has declined 14% this year amid concerns over demand and competition in China, the company remains optimistic about future growth.
