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Tesla profits slump infographic
Graphic shows quartely profits, revenue and vehicle sales since the start of 2023.
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BUSINESS

Tesla’s Q2 profits slump

By Duncan Mil

July 24, 2024 - Tesla Inc. reported a 45% plunge in second-quarter net income compared with a year ago as the company’s global electric vehicle sales tumbled despite price cuts and low-interest financing.

The Austin, Texas, company said Tuesday that it made $1.48 billion from April through June, less than the $2.7 billion it made in 2023.

Second quarter revenue rose 2% to $25.5 billion.

Shares in Tesla fell 8% in after-hours trade following the release of its second-quarter earnings. This puts it on track for a decline of almost 50% in the year to date.

“There is a lot of talk about robotaxis, humanoid robots and autonomous driving, which provides an exciting narrative for investors but doesn’t get over the fact that these are tomorrow’s potential riches, not today’s,” said Dan Coatsworth, investment analyst at AJ Bell.

Chief executive Elon Musk, who cut 10% of the company’s workforce at the end of April as part of a bid to reduce costs, said its promised shift towards more affordable models will happen in early 2025.

Musk postponed the company’s August robotaxi unveiling until October 10 to make improvements to the vehicle. He also said Tesla would show off a “couple of other things” at the event.

“Timing of robotaxi deployment depends on technological advancement and regulatory approval,” Tesla said on Tuesday.

Sources
PUBLISHED: 24/07/2024; STORY: Graphic News; PICTURES: Getty Images, Tesla
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