by Tesla (TSLA) reported mixed results for the second quarter after the close on Tuesday, though the electric vehicle maker said it was on track to produce new vehicles, likely a cheaper EV, in the first half of 2025. Tesla also said its growth rate in 2024 would be “significantly lower” than what it achieved in 2023.
Tesla reported second-quarter revenue of $25.05 billion, compared to Bloomberg’s consensus of $24.63 billion, slightly above the $24.93 billion it reported a year ago. Tesla posted adjusted EPS of $0.52, compared to $0.60, on non-GAAP net income of $1.8 billion.
Tesla shares fell more than 2% in after-hours trading.
““Plans for new vehicles, including more affordable models, remain on track to begin production in the first half of 2025. These vehicles will utilize aspects of the next-generation platform as well as aspects of our current platforms and will be capable of being produced on the same manufacturing lines as our current vehicle lineup,” Tesla said in its second-quarter earnings report.
Many analysts and industry observers believe that the launch and marketing of a cheaper electric vehicle will drive the next stage of the rise in electric vehicle sales, something that even Tesla CEO Elon Musk has previously stated.
Tesla did not provide specifics on when it would unveil its robotaxi, but said the vehicle would feature the “unboxed manufacturing strategy” it has previously touted.
Last week, Musk all but confirmed that Tesla would delay its robotaxi reveal, scheduled for August 8.
“I requested what I believe is a significant design change up front, and the extra time allows us to show a few more things,” Musk tweeted in response to a message about changes and a delay to the robotaxi.
“It will be important to address the Robotaxi Day delay and new timeline during the conference call, as we believe Tesla’s valuation pivot to over $1 trillion and ultimately beyond over the next year hinges on the AI/FSD story materializing into a monetization path over the next few years,” Wedbush analyst Dan Ives wrote in a note published Monday.
Tesla delivered 443,956 vehicles globally in the second quarter, topping Bloomberg’s estimate of 439,302 but down nearly 5% from a year earlier. Still, the second-quarter delivery total is a significant improvement from the 386,810 vehicles delivered in the first quarter, a quarter that sparked widespread concerns about falling demand for Tesla vehicles.
“We believe Tesla demand has evolved positively after a challenging last 6-9 months, with stronger than expected Q2 deliveries earlier this month marking a major ‘turning point’ in Tesla’s bullish story for the second half of 2024/2025,” Ives said.
One of the surprising aspects of Tesla’s second-quarter production and delivery report was the revelation that it deployed 9.4 GWh (gigawatt hours) of battery energy storage, its highest quarterly amount on record and more than double the amount of battery storage the company deployed in the first quarter.
Morgan Stanley’s Adam Jonas called Tesla’s second-quarter energy storage deployment figure a “star,” noting that the 9.4 GWh deployed was double the company’s forecast.
Pras Subramanian is a reporter for Yahoo Finance covering the automotive industry. You can follow him on X and on Instagram.
For the latest earnings reports and analysis, earnings rumors and expectations, and corporate earnings news, click here
Read the latest financial and business news from Yahoo Finance
