Tesla has released its earnings report for the second quarter of 2024, revealing mixed results. The company reported a revenue of $25.5 billion and a net income of $1.48 billion. While there was a 2% increase in revenue compared to the previous year, net income saw a 45% decline. Here are the details:

Report: Tesla’s revenues increased but profits decreased

The gross profit margins were 18%, a slight increase from 17.4% in the previous quarter but a decrease compared to the second quarter of 2023. Tesla attributed the drop in profit margins to price cuts and declining demand, bringing margins to their lowest in six years.

In this quarter, Tesla produced approximately 411,000 vehicles and delivered 444,000. They also achieved their highest quarterly deployments of energy storage products with 9.4 GWh distributed. Model 3 and Model Y production reached 386,576 units, with deliveries totaling 422,405 units. For other models, production was 24,255 units, with 21,551 deliveries.

Tesla is producing and delivering fewer vehicles than last year, with a 4.76% drop in production and a 14% decrease in deliveries. However, exceeding Wall Street expectations provided some relief. Tesla initially abandoned plans for a more affordable “Model 2” vehicle but later decided to revive this plan.

Elon Musk announced an upcoming robotaxi launch event initially set for August, now postponed to October. Tesla has also seen significant layoffs, including the entire Supercharger team, only to rehire many of them later.

Tesla’s advanced driver assistance technology is under intense scrutiny following a recall due to driver misuse. Despite this, Tesla shareholders reapproved a massive compensation package for Elon Musk after a judge initially rejected it.

Elon Musk has also expressed support for Donald Trump’s presidential campaign, a move that could impact Tesla’s sales and brand reputation.

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