On the early morning of July 24th, Tesla released its Q2 2024 financial report, which showed that Tesla's revenue for the second quarter was $25.5 billion, a year-on-year increase of 2%, higher than analysts' expectations of $24.54 billion; Net profit was 1.478 billion US dollars, a year-on-year decrease of 45%, lower than analysts' expectations of 1.81 billion US dollars; Adjusted earnings per share of $0.52, lower than the same period last year's $0.91 and below analysts' expectations of $0.6; The gross profit margin was 18%, higher than analysts' expectations of 17.4%; Free cash flow for the second quarter was $1.34 billion, lower than analysts' expectations of $1.92 billion.
In terms of delivery data, Tesla's production in the second quarter of this year was 411000 vehicles, a year-on-year decrease of 14%; The delivery volume was 444000 vehicles, a year-on-year decrease of nearly 5%, but a month on month increase of 14%, higher than market expectations.
After the release of the financial report, Tesla's US stock price fell by 5% in after hours trading. With the gradual disclosure of information during the earnings call, its stock price fell by over 8% at one point; As of press time, Tesla's US stock market has narrowed its after hours decline to 7.76%.
Dai Wenjie, a senior analyst at Shenyin Wanguo Securities Research Institute, told First Financial reporters that Tesla's second quarter performance can be considered qualified, but no new effective information has been disclosed during the conference call.
During the earnings call, Tesla CEO Elon Musk stated that he expects to deliver a more affordable model in the first half of 2025, but he does not want to disclose any details about future cars as it may affect recent sales.
In addition, Tesla Robotaxi is scheduled to be released on October 10th. Previously, Musk had posted on his personal social media platform that Tesla Robotaxi would be launched on August 8th. Musk stated that the reason for the delayed release of the car is his request for changes to the vehicle design. He believes that Robotaxi vehicles can be used 24/7 and can become full-time members or part-time contributors to the fleet, with owners directly sharing the profits with Tesla.
Musk also stated that autonomous driving will be achieved by the end of this year at the earliest, and by next year at the latest,
Despite the delay in the Robotaxi project, Tesla's FSD system is still undergoing rapid iteration and progress. Musk stated that the parameters of FSD 12.5 are five times those of FSD 12.4; Fully autonomous driving will become a huge demand driver; Several mainstream OEMs have expressed interest in Tesla's authorized use of FSD.
Apart from North America, Tesla has stated that it will apply for regulatory approval in Europe and China to implement supervised FSD, and is expected to receive approval by the end of this year. On April 28th, the China Association of Automobile Manufacturers and the National Computer Network Emergency Technology Coordination Center issued a notice on the testing of four safety requirements for automotive data processing (first batch), which mentioned that all models produced by Tesla's Shanghai Gigafactory meet compliance requirements and are the only foreign-funded enterprise that meets compliance requirements.
In June, Shanghai Lingang New Area began to promote the landing pilot of Tesla FSD (Full auto drive system), involving 10 Tesla vehicles to carry out road test in Shanghai. Dai Wenjie told reporters that Tesla is currently conducting road tests in China. After the road test data is cleaned in China, it will be sent to the United States to train the FSD system.
In addition to information related to cars and autonomous driving, Musk also revealed some information about humanoid robots. Musk stated that the production of Tesla's humanoid robot Optimus will take place at the Texas Gigafactory, and its contribution to the company's revenue may exceed the sum of all other business units; The demand for humanoid robots from global customers will reach 22 million units, and Optimus will be in a leading position.