Tesla (TSLA) stock fell more than 12% on Wednesday after the company reported mixed second-quarter results late Tuesday and revealed that this year’s growth rate will be “significantly lower” than 2023. did.
Tesla reported revenue of $25.05 billion in the second quarter, beating expectations for $24.63 billion, according to Bloomberg estimates. Tesla reported sales of $24.93 billion in the same period last year. Adjusted profit was lower than expected, coming in at $0.52 versus the expected $0.60.
The company said in a report that its plans for new car production in the first half of next year (possibly including cheaper EVs) remain on track.
Ahead of Tuesday’s report, Tesla shares had erased losses this year and were up more than 40% at the April low. Wednesday’s drop has taken the stock down more than 13% since the beginning of the year.
“Plans for new vehicles, including more affordable models, are on track to begin production in the first half of 2025. These vehicles will build not only on aspects of our current platform, but also on our next-generation platform. “We are also leveraging aspects of the vehicle and will be able to produce it on the same manufacturing lines as our current vehicle lineup,” Tesla said in its second-quarter earnings call.
Many analysts and industry watchers believe the debut and launch of cheaper EVs will further spur EV sales, something even Tesla CEO Elon Musk has said before. is.
Musk said during an earnings call that the company will announce robotaxis on October 10th, which was originally scheduled for August 8th. Musk said that with additional time, Tesla could add “a few other things” to robotaxis ahead of the announcement.
Tesla said its robotaxis will feature its previously touted “boxless manufacturing strategy.”
Tesla and SpaceX CEO Elon Musk speaks at the SATELLITE Conference and Exhibition in Washington on March 9, 2020. (AP Photo/Susan Walsh, File) (ASSOCIATED PRESS)
“Addressing delays and new timing for Robotaxis Day will be important to hear on the conference call. Whether Tesla’s valuation reaches $1 trillion or more and ultimately rises even higher next year will depend on AI /FSD’s story depends on whether it materializes into monetization,” Wedbush analyst Dan Ives wrote in a note issued Monday.
As for other vehicles, Tesla said Cybertruck production more than tripled compared to the first quarter and the vehicle is on track to “achieve profitability” by the end of the year. . Tesla said its semi factory is also on track to start production by the end of 2025.
Tesla delivered 443,956 vehicles globally in the second quarter, beating the Bloomberg consensus estimate of 439,302, but down nearly 5% from a year earlier. However, the total number of vehicles delivered in the second quarter was a significant improvement from the first quarter’s delivery of 386,810 vehicles, leading some analysts to believe that demand for Tesla vehicles may be plummeting. concerns have emerged.
story continues
“Tesla’s demand story continues to grow after a challenging past six to nine months, with second-quarter deliveries beating expectations earlier this month and a major ‘turnaround’ in the Tesla bull story as we look ahead to the second half of 2024-2025. I believe that the situation has turned to a brighter direction. ” Ives said.
One of the surprises in Tesla’s second-quarter production and delivery report is that it deployed 9.4 GWh (gigawatt-hours) of battery energy storage, a record high for a quarter, and the amount of battery storage it deployed in the first quarter. It was disclosed that the amount was more than twice that of the previous year. quarter.
Morgan Stanley’s Adam Jonas called Tesla’s second-quarter energy deployment storage numbers a “show-stealer,” noting that the 9.4GWh deployed was twice the company’s expectations.
Pras Subramanian is a reporter for Yahoo Finance covering the auto industry. you can follow him × And also on Instagram.
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