Tesla (TSLA) report Mixed second quarter results Tesla said after the close of trading on Tuesday that it remains on track to produce new vehicles, possibly cheaper EVs, in the first half of 2025. It also said its growth rate in 2024 will be “significantly lower” than its growth rate in 2023.
Tesla reported second-quarter revenue of $25.05 billion, beating the Bloomberg consensus estimate of $24.63 billion and slightly up from $24.93 billion a year ago. Tesla reported adjusted EPS of $0.52, beating the $0.60 estimate, and non-GAAP net income of $1.8 billion.
Tesla shares fell more than 3% in after-hours trading.
““Plans for new vehicles, including more affordable models, remain on track to start production in the first half of 2025. These vehicles will utilize portions of our next-generation platform as well as some of our current platforms and will be produced on the same manufacturing lines as our current vehicle lineup,” Tesla said in its second-quarter earnings report.
Many analysts and industry watchers believe that the debut and release of cheaper EVs will drive the next upswing in EV sales, something even Tesla CEO Elon Musk has predicted. Musk previously said:.
Tesla did not provide an update on when it would unveil its robotaxi, but said the vehicles would use its previously touted “unboxed manufacturing strategy.”
Musk effectively acknowledged last week that Tesla was postponing the unveiling of its robot taxis, originally scheduled for August 8.
“We requested some significant design changes to the front, and the additional time will allow us to show you a few other things.” Musk tweeted: This is a response to a post about robotaxi changes and delays.
“It will be important to hear about the postponement and new timing for Robotaxi Day on the conference call as we believe the key to Tesla reaching a $1 trillion+ valuation over the next 12 months and ultimately beyond will depend on the AI/FSD story crystallizing as a path to monetization over the next few years,” Wedbush analyst Dan Ives wrote in a note published Monday.
As for its other vehicles, Tesla said production of the Cybertruck is expected to increase more than threefold compared to the first quarter and to “achieve profitability” by the end of the year. Tesla said its Semi factory is also on track to begin production by the end of 2025.
Tesla delivered 443,956 vehicles worldwide in the second quarter, beating the Bloomberg consensus estimate of 439,302 but down about 5% from the same period a year ago. However, second-quarter deliveries were a significant improvement from the 386,810 deliveries in the first quarter, which left many deeply concerned that demand for Tesla’s vehicles had plummeted.
“We believe demand for Tesla has turned around after a challenging six to nine months with better than expected second quarter deliveries earlier this month marking a major ‘tipping point’ in our bull case for Tesla through the second half of 2024 and into 2025,” Ives said.
One of the amazing things about Tesla is Second Quarter Production and Delivery Report The company said it had installed 9.4 GWh (gigawatt hours) of battery energy storage, its highest quarterly total to date and more than double the amount of battery storage it installed in the first quarter.
Morgan Stanley’s Adam Jonas called Tesla’s second-quarter energy storage deployment numbers “highlighted,” noting that the 9.4GWh deployed was double the company’s forecast.
Pras Subramanian is a Yahoo Finance reporter covering the auto industry. X and Instagram.
Read the latest financial and business news from Yahoo Finance
