Tesla (TSLA) said Mixed second quarter results After the bell on Tuesday, the EV maker said it was on track for production of the new vehicles, but it would be a cheaper EV in the first half of 2025. Tesla also said its growth rate in 2024 will be “notably low.” This was achieved by 2023.
For the quarter, Tesla reported Q2 revenue of $25.05 billion vs. $24.63 billion, slightly higher than the $24.93 billion Tesla reported a year ago, according to the Bloomberg consensus. Tesla posted adjusted EPS of $0.52 versus expected $0.60 on non-GAAP net income of $1.8 billion.
Tesla shares fell 10% in early trading on Wednesday.
“Plans for new vehicles, including more affordable models, are on track to begin production in the first half of 2025. These vehicles can be produced using next-generation platform features and features from our existing platforms on the same production line as our current vehicle lineup,” Tesla said in its Q2 earnings report.
Many analysts and industry watchers think the introduction and launch of a cheaper EV will drive the next phase of EV sales — something even Tesla CEO Elon Musk has said before.
On the earnings call, Musk said the company will unveil its Robotaxis on October 10, which was originally scheduled for August 8. Musk said the extra time would allow Tesla to add “a couple of things” to the Robotaxis before release.
Tesla Robotaxis will feature “Boxless manufacturing strategy“It’s been said before.
“The delay and new timing of Robotaxi Day will be important to hear on the conference call as a linchpin for Tesla to reach a $1 trillion + valuation and ultimately we believe the AI/FSD story will serve as a monetization path in the coming years,” Wedbush analyst Dan Ives wrote in a note published Monday. .
As for its other vehicles, Tesla said Cybertruck production tripled compared to Q1 and that the vehicle is on track to “turn a profit” by the end of the year. Tesla said half of its factories are on track to begin production by the end of 2025
Tesla delivered 443,956 vehicles worldwide in the second quarter, topping the Bloomberg consensus estimate of 439,302, but down nearly 5% from a year ago. However, Q2’s delivery total was a significant improvement from the 386,810 vehicles delivered in Q1, prompting concern among some analysts that demand for Tesla vehicles is in free fall.
“We believe the Tesla demand story has taken a positive turn after the last 6-9 months, and the stronger-than-expected 2Q deliveries earlier this month mark a major ‘turning point’ in the Tesla bull case story in 2H24/2025,” Ives said.
Part of Tesla’s surprise Second Quarter Production and Distribution Report It used 9.4 GWh (gigawatt hours) of battery energy storage, its highest quarterly total and more than double the battery storage the company used in the first quarter.
Morgan Stanley’s Adam Jonas called Tesla’s Q2 energy deployment savings number a “show stealer,” with 9.4 GWh deployed, more than double the company’s forecast.
Press Subramanian is a Yahoo Finance reporter covering the automotive industry. You can follow him X And on Instagram.
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