Electric vehicle giant Tesla Inc TSLA reported second-quarter financial results after the market close Tuesday.
Here are the key highlights.
What Happened: Tesla reported second-quarter revenue of $25.5 billion, up 2% year-over-year. The revenue total beat a Street consensus estimate of $24.73 billion, according to data from Benzinga Pro.
"In Q2, we achieved record quarterly revenues despite a difficult operating environment," according to the automaker.
Revenue was favorably impacted by growth in the Tesla Energy segment and from Cybertruck deliveries, the company said.
The company reported earnings per share of 52 cents in the second quarter, down 43% year-over-year. The earnings per share missed a Street consensus estimate of 62 cents per share.
Tesla reported second-quarter deliveries of 443,956 vehicles and production of 410,831 vehicles, down 5% and 14% year-over-year, respectively.
The company said its global electric vehicle penetration returned to growth in the second quarter and took share from gas-powered vehicles.
The Cybertruck was the best-selling electric pickup truck in the United States in the second quarter, Tesla said.
The company had record energy storage of 9.4 GWh in the second quarter, which turned into record revenues and gross profits for the segment.
Operating income was $1.6 billion in the second quarter and the operating margin was 6.3% for the quarter.
In the second quarter, Tesla began deliveries in the U.K. from Giga Berlin and began delivering vehicles to Israel from the gigafactory, along with increasing deliveries from the gigafactory to Israel and Taiwan.
"Our regional production strategy provides flexibility as needs change across markets."
The company ended the quarter with 6,473 Supercharger stations and 59,596 Supercharger connectors.
What's Next: Tesla said it remains between the two growth waves of the global expansion of the Model 3 and Model Y vehicles and a next growth wave led by autonomy and new products.
"In 2024, our vehicle growth rate may be notably lower than the growth rate achieved in 2023, as our teams work on the launch of the next generation vehicle and other products," the company said.
The company said it expects sequential increases in production in the third quarter.
The Tesla Semi is on track for production by the end of 2025. Tesla also said it remains on track for the start of production of more affordable vehicle models in the first half of 2025.
"Our purpose-built Robotaxi product will continue to pursue a revolutionary ‘unboxed' manufacturing strategy."
The company said it remains committed to cost reductions on future vehicles and manufacturing efforts.
"We are managing our product portfolio with a long-term orientation and focusing on growing sales, maximizing our installed base and generating sufficient cash flow to invest in future growth.”
Tesla said it has enough cash and liquidity to complete its product roadmap and long-term expansion plans.
TSLA Price Action: Tesla shares are down 1.42% to $242.87 in after-hours trading Tuesday versus a 52-week trading range of $138.80 to $278.98.
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Photo courtesy of Tesla.
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