Elon Musk has made significant statements regarding the Tesla Cybertruck, which created a wave of excitement before its official launch but failed to make a spectacular debut when it hit the market. Musk claims that the vehicle has been a financial burden for Tesla until now, but they are finally beginning to see profits. Here are the details and what you need to know…

Elon Musk: “Cybertruck has been a loss for a long time.”

With the announcement of Tesla’s third-quarter financial results, an upward trend was observed in the company’s stock prices. The Cybertruck model, which had been eagerly awaited and a topic of various discussions in recent times, reached its first-ever positive gross profit margin, which was welcomed by investors.

According to financial reports, the company generated $25.18 billion in revenue, slightly below analysts’ expectations. Despite this, it recorded an 8% year-over-year increase compared to the same period last year. On the net income side, there was a significant growth of 17%, reaching $2.17 billion.

Tesla announced that it delivered a total of 469,796 vehicles in the third quarter. The vast majority of these deliveries were from Model 3 and Model Y vehicles, totaling approximately 443,668 units.

Company officials stated that they are currently in a transition period between two major growth waves. The first wave began with the global expansion of the Model 3/Y platform, and the second wave is expected to be driven by advancements in autonomous driving technologies and new products built on the next-generation vehicle platform.

Tesla’s market valuation, which surpasses traditional automotive manufacturers, continues to be a topic of debate among industry experts. While the company faces increasing competition from domestic and international electric vehicle producers, it also has to deal with issues like Cybertruck recalls and negative press coverage.

For 2024, Tesla’s management announced that they expect moderate growth in vehicle deliveries despite the current macroeconomic conditions. Additionally, they projected over 100% annual growth in the energy storage systems sector.