European Stocks Slip as Earnings, UK Inflation and ECB Decision Keep Investors on Edge 
Japan’s Nikkei Slides Over 2% as Alphabet Selloff Sparks AI Spending Concerns 
US Stock Futures Steady Ahead of Tesla, Alphabet Earnings as Iran Conflict Keeps Markets on Edge 
Japan CPI Rises in June, but Core Inflation Stays Below BOJ’s 2% Target 
US-Mexico USMCA Talks Advance as Auto Rules Remain Major Sticking Point 
India FMCG Q1 Earnings Preview: Higher Input Costs Likely to Weigh on Profit Margins 
Trump Threatens Iran With 'Major Military Punishment' as Red Sea Attacks Push Oil Above $100 
Trump Administration Imposes New Forced Labor Tariffs on 60 Trading Partners 
Oil Prices Rise as Houthi Attacks on Saudi Tankers Heighten Middle East Supply Fears 
Brent Oil Holds Above $100 as Red Sea Attacks, Iran Conflict Threaten Global Supply 
Japan Manufacturing Growth Holds Strong in July Despite Middle East Uncertainty 
Iran Rejects U.S.-Backed Ceasefire as Trump Escalates Military Threats, Oil Tops $100 
Gold Price Holds Above $4,130 as Fed Rate Outlook and Middle East Tensions Support Safe-Haven Demand 
Gold Price Climbs Above $4,130 as Middle East Tensions Boost Safe-Haven Demand 
BOJ Seen Holding Rates at 1% While Keeping Inflation Risk Warning 
Australia Jobs Surge in June Strengthens Case for More RBA Rate Hikes 
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.
