Tesla's revenue in the second quarter of 2024 was US$25.5 billion, a 2% increase, and net profit was US$1.494 billion, a year-on-year decrease of 45%

According to morning news on July 24, Beijing time, Tesla today announced the company’s second quarter financial report for fiscal year 2024. The report shows that Tesla’s second-quarter revenue was US$25.500 billion, an increase of 2% compared with US$24.927 billion in the same period last year; net profit was US$1.494 billion, a significant decrease compared with US$2.614 billion in the same period last year; Net profit attributable to ordinary shareholders was US$1.478 billion, a decrease of 45% compared with the net profit attributable to ordinary shareholders of US$2.703 billion in the same period last year; diluted earnings per share attributable to ordinary shareholders was US$0.42, a year-on-year decrease of US$2.703 billion. Diluted earnings per share attributable to common shareholders fell 46% to $0.78. Tesla's second-quarter revenue exceeded Wall Street analysts' previous expectations, but its adjusted earnings per share fell sharply by 43% simultaneously, failing to meet expectations. Affected by this, Tesla's stock price fell sharply by more than 4% after hours.

Performance Summary:

In the quarter ended June 30, Tesla’s net profit was US$1.494 billion, a sharp decrease from the net profit of US$2.614 billion in the same period last year.

Tesla’s net profit attributable to ordinary shareholders in the second quarter was US$1.478 billion, a decrease of 45% compared with the net profit attributable to ordinary shareholders of US$2.703 billion in the same period last year; diluted share attributable to ordinary shareholders Earnings were US$0.42, a decrease of 46% from US$0.78 per diluted share attributable to common shareholders in the same period last year.

Excluding certain one-time items (not in accordance with U.S. GAAP), Tesla’s adjusted net profit attributable to common shareholders in the second quarter was US$1.812 billion, compared with the adjusted net profit attributable to common shareholders in the same period last year Net profit was US$3.148 billion, a sharp decrease of 42% year-on-year; adjusted diluted earnings per share was US$0.52, and adjusted diluted earnings per share in the same period last year was US$0.91, a sharp decrease of 43% year-on-year. This performance failed to meet the expectations of analysts previously expected. According to data provided by Yahoo Finance Channel, 29 analysts had expected Tesla’s second-quarter adjusted earnings per diluted share to reach $0.62.

Tesla’s second-quarter revenue was US$25.500 billion, an increase of 2% compared with US$24.927 billion in the same period last year. This performance exceeded analysts’ previous expectations. According to data provided by Yahoo Finance, 27 analysts had expected Tesla's second-quarter revenue to reach $24.77 billion on average.

Tesla’s revenue from the automotive business in the second quarter was US$19.878 billion, a decrease of 7% compared with US$21.268 billion in the same period last year, and an increase compared with US$17.378 billion in the previous quarter. Among them, Tesla’s revenue from automobile sales in the second quarter was US$18.530 billion, a decrease compared with US$20.419 billion in the same period last year, and an increase compared with US$16.460 billion in the previous quarter; from Revenue from automobile regulatory credit was US$890 million, a significant increase compared with US$282 million in the same period last year, and a significant increase compared with US$442 million in the previous quarter; revenue from the car rental business was 458 million US dollars, down from US$567 million in the same period last year, and down slightly from US$476 million in the previous quarter.

Tesla’s revenue from power generation and energy storage business in the second quarter was US$3.014 billion, an increase of 100% compared with US$1.509 billion in the same period last year, and a significant increase compared with US$1.635 billion in the previous quarter.

Tesla’s revenue from services and other businesses in the second quarter was US$2.608 billion, an increase of 21% compared with US$2.150 billion in the same period last year, and an increase compared with US$2.288 billion in the previous quarter.

Automobile production and other financial information:

Tesla’s total vehicle production in the second quarter was 410,831 vehicles, a decrease of 14% compared with 479,700 vehicles in the same period last year, and also increased compared with 433,371 vehicles in the previous quarter. decline. Among them, the production of Model S and Model , a decrease of 16% compared with 460,211 units in the same period last year, and a decrease compared with 412,376 units in the previous quarter.

Tesla’s total vehicle deliveries in the second quarter were 443,956 vehicles, a decrease of 5% from 466,140 vehicles in the same period last year and an increase from 386,810 vehicles in the previous quarter. Among them, the delivery volume of Model S and Model 422,405 vehicles, a decrease of 5% compared with 446,915 vehicles in the same period last year, and an increase compared with 369,783 vehicles in the previous quarter.

Tesla’s total gross profit in the second quarter was US$4.578 billion, an increase of 1% compared to US$4.533 billion in the same period last year, and a significant increase compared with US$3.696 billion in the previous quarter. Tesla's total gross margin in the second quarter was 18.0%, down 20 basis points from 18.2% in the same period last year and up from 17.4% in the previous quarter.

Tesla’s second-quarter operating profit was $1.605 billion, a decrease of 33% from the operating profit of $2.399 billion in the same period last year and an increase from the operating profit of $1.171 billion in the previous quarter. Tesla's second-quarter operating margin was 6.3%, down 333 basis points from 9.6% in the same period last year and up from 5.5% in the previous quarter.

Tesla’s second-quarter operating expenses were $2.973 billion, an increase of 39% from $2.134 billion in the same period last year, and an increase from $2.525 billion in the previous quarter. Among them, Tesla’s R&D expenditures in the second quarter were US$1.074 billion, an increase compared with US$943 million in the same period last year, and a decrease compared with US$1.151 billion in the previous quarter; sales, general and administrative expenses was $1.277 billion, an increase from $1.191 billion in the same period last year and a decrease from $1.374 billion in the previous quarter; restructuring and other expenses were $6.22, compared with $1.191 billion in the same period last year and a decrease in the previous quarter. item expenditure.

Tesla’s net cash from business operating activities in the second quarter was US$3.612 billion, compared with US$3.065 billion in the same period last year, a year-on-year increase of 18%; Tesla’s net cash from business operations in the previous quarter was US$3.065 billion. Net cash from business operating activities was US$242 million, a significant increase from the previous quarter.

Tesla’s capital expenditures in the second quarter were US$2.270 billion, compared with US$2.060 billion in the same period last year, a year-on-year increase of 10%; Tesla’s capital expenditures in the previous quarter were US$2.773 billion, a decrease from the previous quarter.

Tesla’s free cash flow in the second quarter was $1.005 billion, compared with $621 million in the same period last year, a year-on-year increase of 62%, and free cash flow in the previous quarter was $441 million.

As of the end of the second quarter, the total cash, cash equivalents and investments held by Tesla were US$30.72 billion, compared with US$23.075 billion in the same period last year, a year-on-year increase of 33%. Cash and cash equivalents and investments totaled $26.863 billion.

Outlook:

In terms of production, Tesla said that the company is currently between two major growth waves: the first growth wave began with the global expansion of the Model 3 and Model Y platforms, and Tesla Ra believes the next wave of growth will begin with advances in autonomous driving and the introduction of new products, including those built on next-generation automotive platforms. Tesla said its vehicle sales growth in 2024 will likely be significantly lower than in 2023 as its teams work to launch next-generation vehicles and other products. At the same time, energy storage deployment and revenue growth rates for the power generation and storage business should exceed the growth rate for the automotive business in 2024.

In terms of cash, Tesla said the company has sufficient liquidity to fund its product roadmap, long-term capacity expansion plans and other expenses. Additionally, Tesla will manage its business properly to maintain a strong balance sheet during this period of uncertainty.

In terms of profits, Tesla said that while the company continues to implement innovations to reduce manufacturing and operating costs, over time, hardware-related profits are expected to accelerate along with artificial intelligence, software and fleet-based profits. increase.

In terms of products, Tesla said that its new car program (including more affordable models) is still expected to start production in the first half of 2025. The vehicles will utilize next-generation platforms as well as aspects of current platforms and be produced on the same production lines as their current vehicle range. This approach will result in lower cost reductions than previously anticipated, but will allow the company to cautiously increase its vehicle fleet in a more capital expenditure efficient manner during these uncertain times. This should help Tesla make the most of its current fleet of nearly 3 million units

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