PANews reported on October 24 that Tesla (TSLA) did not sell its $763 million worth of Bitcoin holdings in the third quarter of 2024. According to the latest financial report, the company neither increased nor reduced its holdings. However, Tesla transferred its Bitcoin assets from public wallets for the first time this quarter, involving a total of $760 million. According to Arkham Intelligence data, Tesla made multiple large transfers, including the transfer of $75.18 million, $76.08 million and $77.16 million to anonymous wallets, respectively, without selling or converting to other crypto assets. Since reducing its holdings by 75% in the second quarter of 2022, Tesla has not further sold Bitcoin. In addition, Elon Musk's SpaceX also holds about $560 million in Bitcoin. The two companies together own about 19,788 Bitcoins with a total market value of about $1.3 billion.
According to Tesla's third-quarter 2024 financial report, the company's quarterly profit exceeded analysts' expectations, and it is expected that car deliveries this year will "increase slightly", causing the stock price of the world's largest electric car manufacturer to surge by more than 9% after the market. The financial report shows that Tesla's net profit in the third quarter was US$2.167 billion, which was expected to be US$1.78 billion, and the gross profit margin was 19.8%, higher than the expectation of 17.3%. Revenue increased by 8% to US$25.2 billion, slightly lower than the average expectation of US$25.4 billion. Tesla said: "Despite the continued deterioration of macroeconomic conditions, we expect car deliveries to increase slightly in 2024." In addition, Tesla's cost of sales per vehicle has dropped to an all-time low of about US$35,100. Tesla still expects cheap models to start production in the first half of 2025.
