Tesla Company, led by Elon Musk, released its second-quarter earnings at $1.5 billion, a 45 percent drop compared to a similar period in 2023.
The firm's overall sales went up 2 percent year on year to $25.5 billion. Cash from automotive sales dropped 7 percent to $19.9 billion, the electric vehicle manufacturer reported.
Tesla said in a statement, “In Q2, we achieved record quarterly revenues despite a difficult operating environment. The Energy Storage business continues to grow rapidly, setting a record in Q2 with 9.4 GWh of deployments, resulting in record revenues and gross profits for the overall segment."
The company is mulling over selling fewer electric vehicles in 2024 as compared to the number it sold in 2023.
It also pointed out that global EV adoption resumed growth in Q2 and gained market share from internal combustion engine 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,” said Tesla.
According to its CEO Musk, he will showcase Tesla’s “robotaxi” prototype during an event on October 10, after scrapping a previous plan to reveal it on August 8.
“Though timing of Robotaxi deployment depends on technological advancement and regulatory approval, we are working vigorously on this opportunity given the outsized potential value,” said Tesla.
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