Tesla reports 7% drop in auto revenue as earnings fall short of estimates
Tesla's Q2 revenue rose 2%, missing estimates. Earnings per share were 52 cents, below the expected 62 cents. Automotive revenue fell 7% to $19.9 billion. CEO Musk announced a robotaxi event and expressed confidence in future plans. Despite challenges, Tesla's energy business revenue doubled.
Read original article
Tesla reported a 2% increase in annual revenue for the second quarter, falling short of Wall Street estimates. Earnings per share were 52 cents adjusted, below the expected 62 cents. Automotive revenue dropped 7% to $19.9 billion, with regulatory credits of $890 million. Despite better-than-expected deliveries, Tesla's stock slid over 8% in extended trading. CEO Elon Musk announced a robotaxi unveiling event on Oct. 10 and expressed confidence in achieving a robotaxi ride next year. Tesla's energy generation and storage business revenue nearly doubled to $3 billion. The company faced challenges with declining market share in electric vehicle sales and profitability due to discounts and incentives offered. Musk's political involvement and plans for humanoid robots and car production in Texas were also highlighted. Tesla's net income declined by 45% to $1.48 billion, with capital expenditures increasing by 10% to $2.27 billion. Despite these challenges, Tesla remains a key player in the electric vehicle market.
Related
EVs still have major quality problems, and it's mostly about the software
Electric vehicles (EVs) are plagued by software-related quality problems, surpassing internal combustion vehicles in issues per 100 vehicles. Tesla's user experience is affected by design changes, aligning it with legacy automakers. The shift to high-tech EVs brings consumer frustrations with software integration.
Tesla reports Q2 delivery and production figures, beating estimates
Tesla exceeded Q2 2024 delivery estimates with 443,956 vehicles, surpassing 438,019. Despite lower numbers than Q2 2023, 410,831 vehicles were manufactured. Record energy storage deployment noted. Stock rose 9.71%.
Tesla delivered fewer vehicles to customers for the second quarter in a row
Tesla's Q2 2024 saw a 14% production decrease and 4.76% delivery drop compared to 2023. Sales decline continues due to market competition, limited lineup, and production challenges. Market share dropped to 50%. China market shows growth potential. Tesla prepares for AI and robotics event on August 8th.
Tesla starts selling 30-50 miles of extra range if you have a recent Model Y RWD
Tesla offers an "energy boost" software unlock for Model Y RWD buyers, providing extra battery capacity for a fee. This move has sparked varied consumer opinions and concerns about longevity and transparency.
Tesla sales, market share dip in EU while other EV makers grow
Tesla's new EU registrations dropped by 7.2% in June and 12% in the first half of the year, reducing its EV market share to 10.8%. Other automakers like BMW and Mercedes-Benz maintained or increased their market share. Challenges include lack of new models, reduced subsidies, and market shifts towards hybrid vehicles.
1 commentsRelated
EVs still have major quality problems, and it's mostly about the software
Electric vehicles (EVs) are plagued by software-related quality problems, surpassing internal combustion vehicles in issues per 100 vehicles. Tesla's user experience is affected by design changes, aligning it with legacy automakers. The shift to high-tech EVs brings consumer frustrations with software integration.
Tesla reports Q2 delivery and production figures, beating estimates
Tesla exceeded Q2 2024 delivery estimates with 443,956 vehicles, surpassing 438,019. Despite lower numbers than Q2 2023, 410,831 vehicles were manufactured. Record energy storage deployment noted. Stock rose 9.71%.
Tesla delivered fewer vehicles to customers for the second quarter in a row
Tesla's Q2 2024 saw a 14% production decrease and 4.76% delivery drop compared to 2023. Sales decline continues due to market competition, limited lineup, and production challenges. Market share dropped to 50%. China market shows growth potential. Tesla prepares for AI and robotics event on August 8th.
Tesla starts selling 30-50 miles of extra range if you have a recent Model Y RWD
Tesla offers an "energy boost" software unlock for Model Y RWD buyers, providing extra battery capacity for a fee. This move has sparked varied consumer opinions and concerns about longevity and transparency.
Tesla sales, market share dip in EU while other EV makers grow
Tesla's new EU registrations dropped by 7.2% in June and 12% in the first half of the year, reducing its EV market share to 10.8%. Other automakers like BMW and Mercedes-Benz maintained or increased their market share. Challenges include lack of new models, reduced subsidies, and market shifts towards hybrid vehicles.