#TeslaEarnings #ElectricVehicles #ElonMusk
Tesla Reports Disappointing Earnings for Q2 2024
Tesla, the electric vehicle manufacturer, has announced its earnings for the second quarter of 2024, which fell short of expectations. The company reported earnings per share of 52 cents, adjusted, compared to the anticipated 62 cents. Revenue rose by 2% to $24.77 billion, slightly above the projected figure.
Despite the disappointing earnings, Tesla's vehicle deliveries for the quarter were 443,000, a 4.8% decrease compared to the same period last year. However, this figure surpassed analysts' expectations. The company's energy generation and storage sector, which includes sales and installation of backup batteries and solar panels, deployed 4.4Wh of products by June 30, more than doubling its previous quarterly record.
Tesla continues to dominate the U.S. electric vehicle market, but it is gradually losing ground to an increasing number of competitors. Factors contributing to this shift include an aging range of sedans and SUVs, as well as the perceived effects of CEO Elon Musk's controversial and politically charged statements on a segment of its more liberal consumer base.
Musk is considering contributing approximately $45 million monthly to a newly established super PAC supporting former President Donald Trump. However, he had not made any donations to that organization by the end of June, as per its latest financial disclosures. Musk publicly endorsed Trump following an assassination attempt during a political rally on July 13.
Reports indicate that 13% of Republican right-leaning voters express interest in purchasing a fully electric vehicle this year, in contrast to 45% of Democratic and left-leaning voters who show significant or moderate interest.
In the first half of 2024, competing automakers experienced a 33% year-over-year increase in fully electric vehicle sales in the U.S., while Tesla's sales fell by 9.6% during the same timeframe.
Musk has promised that Tesla would transform its existing electric vehicles into self-driving models through software updates. The company is still pursuing this goal and has assured investors that it will "unveil" a new dedicated robotaxi later this year. Additionally, Musk tweeted that he anticipates having some humanoid robots operational in Tesla's factories next year, with more available for other companies by 2026.
On Monday, Tesla's shares rose approximately 5%, closing at $251.51 per share in anticipation of the upcoming earnings announcement.
Original Article: https://www.cnbc.com/2024/07/23/tesla-tsla-earnings-q2-2024.html
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