Austin, TX — On July 23, Tesla announced its brought in record revenue of $25.5 billion in the second quarter. Meanwhile, profits fell by more than 40 percent in the same time period when compared to 2023.
The electric vehicle maker reported adjusted income of $1.8 billion or 52 cents per share. However, analysts were expecting earnings of 62 cents a share.
Tesla produced about 411,000 vehicles in the second quarter of 2024 and delivered about 444,000 EVs to its customers. Of those, 386,576 Model 3 and Y vehicles were produced and 422,405 Model 3 and Y’s were delivered. The others consisted of Cybertruck, Model S and X.
CEO Elon Musk said: “We saw a large adoption acceleration of EVs and a bit of a hangover as others struggled to make compelling EVs. There’s been quite a few competing electric vehicles that have entered the market. Mostly, they have not done well but they have discounted their EVs quite substantially which has made it a bit more difficult for Tesla. We don’t see this as a long term issue but fairly short term.”
Musk said the company made a lot of progress with full self driving in Q2. Tesla just rolled out version 12.5 of its autonomous vehicle software. The CEO says it will be the version that eventually merges highway and city driving at some point in the future.
“Despite many challenges, the Tesla team did a great job executing and we did achieve record quarterly revenues. Energy storage revenues reached an all-time high in Q2. We’re investing in many future projects including AI, training to support future product. We are on track to deliver a more affordable model in the first half of next year.”
He added that Tesla would provide more details about its upcoming Robotaxi in October. That announcement was previously scheduled for August.
“We still firmly believe that EVs are best for customers and that the world is headed for a fully electrified transport— not just for cars, but also for aircraft and boat. We’re the most efficient electric vehicle maker in the world.”