TESLA'S Q2 RESULTS: REVENUE UP, NET INCOME DOWN

SAN FRANCISCO, July 24 (Bernama-Xinhua) -- US electric vehicle maker Tesla reported a second-quarter revenue of US$25.5 billion for fiscal 2024, a 2 per cent increase from the previous year. However, Xinhua reported that net income dropped by 45 per cent year over year to US$1.48 billion.

During the quarter ending June 30, Tesla produced approximately 411,000 vehicles and delivered around 444,000 vehicles. The company also deployed 9.4 GWh of energy storage products, marking its highest quarterly deployment.

Tesla said it significantly increased deliveries in several markets supplied by Gigafactory Shanghai in the second quarter, including South Korea.

"While the automotive market in China remains among the most competitive globally, we feel that our cost structure and focus on the core functionality that drives value for customers, including autonomy, position us well for the long-term," the company said.

"Global EV penetration returned to growth in Q2 and is taking share from ICE 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," Tesla noted.

"Overall, our focus remains on company-wide cost reduction, including reducing COGS per vehicle, growing our traditional hardware business, and accelerating the development of our AI-enabled products and services. Though the timing of Robotaxi deployment depends on technological advancement and regulatory approval, we are working vigorously on this opportunity given the outsized potential value," the company said.  

--BERNAMA-XINHUA