-- Tesla shares rose amid the release of its Q3 financial report.
-- Net income as a whole, as well as revenue from the company's core divisions, marked a positive trend.
-- Also, according to the report, the firm's bitcoin portfolio remained unchanged.
Also, according to the report, the firm's #bitcoin☀️ portfolio remained unchanged.
As previously anticipated, the company's bitcoin portfolio remained unchanged.
Key financial and operational highlights
Tesla produced nearly 470,000 vehicles in the quarter.
Revenue from that business was up 2% from a year earlier. Much more notable was the jump in revenue in the energy and services segments, up 52% and 29%, respectively.
At the press conference, company owner Ilon Musk predicted a 20-30% increase in car production, driven by the release of unmanned and conventionally affordable models.
He also noted that in the future all cars of the brand will be autonomous.
Musk stated that the company has already developed and launched the Cybercab unmanned cab ordering app, which was allegedly used by some employees of the division in California.
A full-fledged release in that state and Texas is expected in 2025, according to the billionaire.
The hype surrounding the sale of bitcoins
This caused concern among the community, as the sale of such a volume of the asset could have collapsed the exchange rate.
Later, Arkham Intelligence experts refuted these suspicions.
According to their data, the company retained full control over the assets. A possible reason for the rebalancing was Tesla's plans to take a loan secured by crypto-assets, but this information remained unconfirmed.
According to official data, Tesla controls 9720 $BTC
.
Arkham Intelligence experts cite a different number - 11,509 #BTC☀ . Tesla invested about $1.5 billion in bitcoin in February 2021.
In Q2 2022, the company sold 75% of the total portfolio.
The next sale was in Q4, after which the assets were revalued at $184 million.
This is the number displayed in Tesla's Q3 2024 balance sheet.
At the time of writing, bitcoin is trading at $67,400. Taking this into account, the firm's unrealized profit is about $471 million.
Shares of Tesla (TSLA) reacted to the release of the report with a rise. On the premarket, their exchange rate rose from $213 to $239 at the time of writing.
