Tesla Reports $1.5 Billion Q2 Profit Amid Automotive Revenue Dip
San Francisco, Tesla Inc, led by CEO Elon Musk, announced a second-quarter profit of $1.5 billion, marking a 45% decrease from the same period last year. Despite this decline, total revenues edged up 2% year-on-year to $25.5 billion, bolstered by robust growth in its Energy Storage business.
The electric car maker reported automotive revenues of $19.9 billion, reflecting a 7% decrease from Q2 2023. In contrast, its Energy Storage segment achieved record revenues and gross profits, driven by 9.4 GWh of deployments during the quarter.
“In Q2, we achieved record quarterly revenues despite a challenging operating environment,” Tesla stated in its earnings release.
Looking ahead, Tesla acknowledged the possibility of selling fewer electric vehicles (EVs) in 2024 compared to the previous year. However, it highlighted a positive trend in global EV adoption, asserting that EVs are gaining market share over internal combustion engine (ICE) vehicles.
“We believe that a pure EV is the optimal vehicle design and will ultimately win over consumers as myths about range, charging, and service are debunked,” Tesla commented.
CEO Elon Musk also announced plans to unveil Tesla’s “robotaxi” prototype during an event scheduled for October 10, adjusting from a previously planned August 8 reveal.
“While the timing of Robotaxi deployment hinges on technological progress and regulatory approval, we are aggressively pursuing this opportunity due to its substantial potential value,” Musk emphasized.
Tesla’s stock performance has been closely watched amid ongoing challenges in global supply chains and regulatory scrutiny over autonomous driving technologies. Analysts anticipate continued volatility in Tesla’s financial performance as it navigates these dynamics.
