Tesla just released its Q2 2024 earnings report. The electric automaker again turned a profit, which makes 19 quarters in a row in which Tesla has reported profitability. However, Tesla fell short of expectations regarding both profit per share and revenue. The rapid-fire price cuts on the Model 3 and Model Y seen last year and numerous price alterations this year took their toll on Tesla's bottom line.
The main financial details from the Q2 2024 report are as follows:
- $ $25.5 billion in revenue
- $ $0.52 profit per share (Non-GAAP accounting)
Here's what Tesla was expected to report, according to analysts:
- Revenue: ~$24.3 - $25.13 billion
- Profit per share: $0.61 - $0.62
Tesla was expected to report a year-over-year decline in earnings on higher revenues for Q2 2024. Regarding revenue, Tesla mentioned that total revenue increased 2% YoY in Q2 to $25.5B. According to Tesla, revenue was impacted by the following items:
- growth in the Energy Generation and Storage business
- Cybertruck deliveries
- higher regulatory credit revenue
- growth in Services and Other
- reduced S3XY vehicle average selling price (ASP) (excl. FX impact), due to pricing, attractive
- financing options and mix
- decline in S3XY vehicle deliveries
- negative FX impact of $0.3B1
Regarding Q2 2024, in part, Tesla stated:
In Q2, we achieved record quarterly revenues despite a difficult operating environment...We also saw a sequential rebound in vehicle deliveries in Q2 as overall consumer sentiment improved and we launched attractive financing options to offset the impact of sustained high interest rates.
Global EV penetration returned to growth in Q2 and is taking share from ICE vehicles. We believe that a pure EV is the optimal vehicle design and will ultimately win over consumers as the myths on range, charging and service are debunked.
Here's a look at the financial summary:
You'll find Tesla's release, which is linked here, in its entirety. We'll have more info on Tesla's Q2 2024 happenings following the conference call later today.
Looking Back
Q2 2024 Production And Delivieries
Tesla delivered 443,956 cars in the second quarter of the year. That's slightly above expectations of around 438,019 vehicles for the April to June period. Still, the electric automaker's sales were down by about 5% over the same period in 2023.
The breakdown of vehicles delivered in Q2 2024 is 422,405 for the Model 3 and Model Y and 21,551 for the Model S, Model X and Cybertruck.
On the production side, Tesla made 386,576 Model 3s and Model Ys combined. The Tesla Model S, Model X and Cybertruck—listed as "Other Models" accounted for 24,255 vehicles produced. Total production for Tesla in Q2 2024 stood at 410,831, which was noticeably below deliveries.
Q1 2024 Production And Deliveries
For Q1 2024, Tesla delivered a total of 386,810 cars. Tesla lists Model 3/Y deliveries made up the bulk of the action with 369,783 delivered. Meanwhile, the combined Model S and Model X deliveries hit 17,027, or actually a tad lower, since some Cybertruck sales are likely included in the "other models" category.
On the production front, the combined figure for all Tesla vehicles hit 433,371 in Q1 2024. The breakdown shows that the Model 3/Y accounted for 412,376 of the total production figures, leaving the Model S/X (plus some Cybertrucks) at 20,995.
Q4 2023 Production And Deliveries, Plus 2023 In Total
In Q4 2023, Tesla delivered a total of 484,507 cars. Tesla Model 3/Y deliveries made up the majority of those with 461,538 delivered. Meanwhile, the combined Model S and Model X deliveries hit around 22,969, minus some Cybertruck deliveries.
The combined figure for production of all Tesla vehicles hit 494,989 in Q4 2023. For the whole of 2023, Tesla delivered 1,808,581 cars and produced 1,845,985 vehicles. The Model 3/Y accounted for the bulk of both figures.
This is a breaking news post and will be updated momentarily.
