Tesla (NASDAQ: TSLA) stock plummeted in pre-market trading Wednesday after the EV giant reported mixed second-quarter results.
Tesla (NASDAQ: TSLA) has reported second-quarter revenue of $25.5 billion, a 2% increase year-over-year, beating the Street consensus estimate of $24.73 billion. The automaker attributed the revenue growth to its Tesla Energy segment and Cybertruck deliveries.
In its Q2 earnings report, Tesla stated:
“In Q2, we achieved record quarterly revenues despite a difficult operating environment.”
However, the company reported earnings per share (EPS) of 52 cents, representing a 43% decline year-over-year, and fell short of the consensus estimate of 62 cents per share.
New Vehicle Plans and Production Updates
In addition, Tesla revealed its plans for new vehicles, including a more affordable EV, scheduled for production in the first half of 2025. The EV maker noted that these new models will incorporate elements from the next-generation and current vehicle platforms and be produced on existing manufacturing lines.
The company also acknowledged that its 2024 growth rate would be “notably lower” than it achieved in 2023.
During the earnings call, CEO Elon Musk announced that the unveiling of Tesla’s robotaxi, initially scheduled for August 8, will now occur on October 10. Musk explained that the additional time would enable the company to incorporate “a couple of other things” into the robotaxi before its launch.
Tesla said the robotaxi will feature the “unboxed manufacturing strategy” it’s touted before.
On Monday, Wedbush analyst Dan Ives wrote in a note,
“Addressing the delay in Robotaxi Day and the new timing will be important to hear on the conference call as we believe a linchpin to Tesla reaching $1 trillion+ valuation and ultimately higher over the next year is contingent on the AI/FSD story materializing into a monetization path over the coming years.”
Tesla reported that Cybertruck production more than tripled compared to the first quarter, with expectations for the vehicle to achieve profitability by year-end. Additionally, the EV maker expects its semi-factory to begin production by the end of 2025.
Earlier this month, Tesla reported second-quarter deliveries of 443,956 vehicles and production of 410,831 vehicles, representing a year-over-year decline of 5% and 14%, respectively.
Tesla (NASDAQ: TSLA) Stock Movement
As of 08:54 a.m. (Eastern Time) Wednesday, TSLA stock traded at $224.80, marking an 8.76% decrease compared to the previous trading session.
