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Tesla did not give a schedule for the launch of Robotaxi in its earnings report
Tesla (TSLA.O) announced its second-quarter earnings report today. The financial report did not give a specific launch date for the autonomous taxi Robotaxi. Tesla said in its earnings report: “The deployment time of Robotaxi depends on technological advancements and regulatory approval, and given its huge potential value, we are actively seizing this opportunity. At the same time, we are managing our product portfolio on a long-term basis and focusing on increasing sales, maximizing the use of installed infrastructure, and generating sufficient cash flow to invest in future growth.” Earlier this month, people familiar with the matter revealed that Tesla delayed the launch of Robotaxi from August to October this year.
Tesla's second-quarter results were mixed, saying “affordable” electric cars are expected to debut in 2025
After the market on Tuesday, Tesla (Tesla) reported mixed second-quarter results, although the electric car maker did say it is on schedule to produce an electric car that is likely to be cheaper in the first half of 2025. Tesla also said that its 2024 growth rate will be “significantly lower” than the 2023 growth rate.
Tesla's second-quarter revenue was $25.55 billion, while the forecast was $24.63 billion, slightly higher than $24.93 billion a year ago. Tesla's adjusted earnings per share were $0.52, compared to expectations of $0.60, and non-GAAP net profit of $1.8 billion.
Tesla shares fell more than 3% in after-hours trading.
“Plans for new cars, including more affordable models, will still begin production in the first half of 2025. These vehicles will take advantage of our next generation platform and some of the features of our existing platforms, and will be able to be produced on existing vehicle production lines,” Tesla said in its second-quarter earnings report.
Many analysts and industry observers believe that the debut and launch of cheaper EVs will spur the next phase of growth in electric vehicle sales — even Tesla CEO Elon Musk has said this before.
Tesla hasn't revealed an update on when it will launch its robotaxi, but it did say the car will use the “boxless manufacturing strategy” it previously boasted.
Musk almost confirmed last week that Tesla will delay the robot taxi that was originally scheduled to be released on August 8.
Musk tweeted in response to a post about changing and delaying robotaxi, saying, “I think we're asking for important design changes; the extra time will allow us to show off a few other things.”
Wedbush analyst Dan Ives wrote in a report released on Monday: “In a conference call, it will be important to resolve the robotaxi day delay and propose a new schedule, because we believe that the key to Tesla's valuation reaching more than $1 trillion next year and ultimately higher depends on how to monetize the Artificial/FSD narrative over the next few years.”
In the second quarter of this year, Tesla delivered 44,3956 vehicles worldwide, exceeding expectations of 439,302 vehicles, but this is down nearly 5% from the same period last year. However, total deliveries in the second quarter improved significantly from 0.38681 million vehicles in the first quarter. In the first quarter, many people were deeply concerned that demand for Tesla cars plummeted.
Ives said, “We believe that after going through a difficult period of the past 6-9 months, Tesla's demand story has turned positive. Earlier this month, deliveries in the second quarter were better than expected. Looking ahead to the second half of 2024 and 2025, this marks a major turning point in Tesla's bull market story.”
One surprising aspect of Tesla's second-quarter production and delivery report is that it revealed 9.4 gigawatt-hours (gigawatt-hours) of battery energy storage, the highest quarterly amount ever, and more than double the amount of battery energy stored the company deployed in the first quarter.
Adam Jonas (Adam Jonas) of Morgan Stanley (Morgan Stanley) called Tesla's second-quarter energy deployment data a “mirror stealer,” pointing out that the 9.4 GWh deployment was double the company's forecast.
Tesla's second-quarter revenue was $25.55 billion, while the forecast was $24.63 billion, slightly higher than $24.93 billion a year ago. Tesla's adjusted earnings per share were $0.52, compared to expectations of $0.60, and non-GAAP net profit of $1.8 billion.
Tesla shares fell more than 3% in after-hours trading.
“Plans for new cars, including more affordable models, will still begin production in the first half of 2025. These vehicles will take advantage of our next generation platform and some of the features of our existing platforms, and will be able to be produced on existing vehicle production lines,” Tesla said in its second-quarter earnings report.
Many analysts and industry observers believe that the debut and launch of cheaper EVs will spur the next phase of growth in electric vehicle sales — even Tesla CEO Elon Musk has said this before.
Tesla hasn't revealed an update on when it will launch its robotaxi, but it did say the car will use the “boxless manufacturing strategy” it previously boasted.
Musk almost confirmed last week that Tesla will delay the robot taxi that was originally scheduled to be released on August 8.
Musk tweeted in response to a post about changing and delaying robotaxi, saying, “I think we're asking for important design changes; the extra time will allow us to show off a few other things.”
Wedbush analyst Dan Ives wrote in a report released on Monday: “In a conference call, it will be important to resolve the robotaxi day delay and propose a new schedule, because we believe that the key to Tesla's valuation reaching more than $1 trillion next year and ultimately higher depends on how to monetize the Artificial/FSD narrative over the next few years.”
In the second quarter of this year, Tesla delivered 44,3956 vehicles worldwide, exceeding expectations of 439,302 vehicles, but this is down nearly 5% from the same period last year. However, total deliveries in the second quarter improved significantly from 0.38681 million vehicles in the first quarter. In the first quarter, many people were deeply concerned that demand for Tesla cars plummeted.
Ives said, “We believe that after going through a difficult period of the past 6-9 months, Tesla's demand story has turned positive. Earlier this month, deliveries in the second quarter were better than expected. Looking ahead to the second half of 2024 and 2025, this marks a major turning point in Tesla's bull market story.”
One surprising aspect of Tesla's second-quarter production and delivery report is that it revealed 9.4 gigawatt-hours (gigawatt-hours) of battery energy storage, the highest quarterly amount ever, and more than double the amount of battery energy stored the company deployed in the first quarter.
Adam Jonas (Adam Jonas) of Morgan Stanley (Morgan Stanley) called Tesla's second-quarter energy deployment data a “mirror stealer,” pointing out that the 9.4 GWh deployment was double the company's forecast.
Tesla's Q2 profit fell short of expectations, and Robotaxi delayed the release of stock prices in October and plummeted by more than 7% after the market
After the market on Tuesday EST, Tesla released its second-quarter earnings report. The company's second-quarter revenue was higher than expected, but profits fell short of expectations, continuing the poor start of the year with slow sales and large-scale layoffs. The post-market decline in Tesla's stock price extended to 7%.
According to financial reports, Tesla's revenue for the second quarter was 25.5 billion US dollars, the market forecast was 24.8 billion US dollars, compared to 24.927 billion US dollars in the same period last year; operating profit for the second quarter was 1.605 billion US dollars, down 33% from the previous year, and the market expected 1.81 billion US dollars; adjusted earnings per share were 0.52 US dollars, lower than the market forecast of 0.6 US dollars.
According to financial reports, Tesla's revenue for the second quarter was 25.5 billion US dollars, the market forecast was 24.8 billion US dollars, compared to 24.927 billion US dollars in the same period last year; operating profit for the second quarter was 1.605 billion US dollars, down 33% from the previous year, and the market expected 1.81 billion US dollars; adjusted earnings per share were 0.52 US dollars, lower than the market forecast of 0.6 US dollars.
By business, the total revenue of the automobile business in the second quarter was 19.878 billion US dollars, compared to 21.268 billion US dollars in the same period last year, down 7% from the previous year; revenue from the power generation and energy storage business was 3.014 billion US dollars, compared to 1.509 billion US dollars in the same period last year; and revenue from services and other businesses was 2.608 billion US dollars, compared to 2.15 billion US dollars in the same period last year.
Although delivery figures for the second quarter declined year over year, there was an improvement compared to deliveries in the first three months of this year. Stronger sales were partly stimulated by price cuts, which reduced the company's profit margin. Automobile gross margin excluding regulatory credit was 14.6% in the second quarter, down from 16.4% in the first quarter.
Robotaxi delayed until October launch
Tesla expects car production in the third quarter to surpass that of the second quarter. Furthermore, Cybertruck is expected to be profitable by the end of this year, and plans for low-cost cars are also underway, and production is expected to begin in the first half of 2025.
As for the driverless taxi Robotaxi, which the market is most concerned about, Tesla did not disclose the exact launch date in the financial report. “Robotaxi's deployment time is dependent on technological advancements and regulatory approval, and given its huge potential value, we are actively seizing this opportunity.”
Subsequently, Musk revealed during the performance conference call that the release of Robotaxi's plans was postponed from August to October. He said last week, “I'm requesting important design changes to the front of the Robotaxi. The extra time due to the delay in the release date will give the company a chance to show some other content.”
However, investors believe in Musk's promise that Robotaxi and humanoid robots will soon be launched, which drove Tesla's stock price to soar sharply in early July, but the latest results are a reminder that the company is facing adverse factors in its main automotive business.
The second quarter was a turbulent period for the electric car maker. Musk shelved cheap electric vehicle projects and instead focused on developing driverless taxis. Faced with slowing sales and increased competition, the company also laid off more than 10% of its employees.
Tesla claims that increased operating expenses and restructuring expenses, mainly driven by artificial intelligence (AI) projects, are also dragging down profits. The company previously anticipated spending more than $0.35 billion in the second quarter, mainly related to employee termination expenses.
Market competition intensifies
With car deliveries growing at an average annual rate of 50%, Tesla has become the most valuable car manufacturer in the world, but now the company is facing increasing competition, and other car makers are launching their own electric cars.
Tesla's share of the US electric vehicle market fell below 50% in the second quarter of this year, according to data from sales tracking agency Edmunds. And a few years ago, it dominated this market.
According to data released at the beginning of this month, Tesla sold a total of 0.444 million new cars worldwide, down 4.8% from the same period last year. This is the first time that Tesla has experienced a year-on-year decline in sales for two consecutive quarters.
Although Tesla did not give a new full-year sales target, it warned that “the 2024 car sales growth rate may be significantly lower than the 2023 growth rate.” This statement seems obvious given the drop in sales in the first half of this year.
Tesla said that in the second quarter, deliveries were drastically increased in several markets, including South Korea, supplied by the Shanghai Gigafactory. Although the Chinese automobile market is still one of the most competitive in the world, the company believes that the cost structure and focus on core functions have created value for customers, which has laid a good foundation for the company's long-term development.
Although delivery figures for the second quarter declined year over year, there was an improvement compared to deliveries in the first three months of this year. Stronger sales were partly stimulated by price cuts, which reduced the company's profit margin. Automobile gross margin excluding regulatory credit was 14.6% in the second quarter, down from 16.4% in the first quarter.
Robotaxi delayed until October launch
Tesla expects car production in the third quarter to surpass that of the second quarter. Furthermore, Cybertruck is expected to be profitable by the end of this year, and plans for low-cost cars are also underway, and production is expected to begin in the first half of 2025.
As for the driverless taxi Robotaxi, which the market is most concerned about, Tesla did not disclose the exact launch date in the financial report. “Robotaxi's deployment time is dependent on technological advancements and regulatory approval, and given its huge potential value, we are actively seizing this opportunity.”
Subsequently, Musk revealed during the performance conference call that the release of Robotaxi's plans was postponed from August to October. He said last week, “I'm requesting important design changes to the front of the Robotaxi. The extra time due to the delay in the release date will give the company a chance to show some other content.”
However, investors believe in Musk's promise that Robotaxi and humanoid robots will soon be launched, which drove Tesla's stock price to soar sharply in early July, but the latest results are a reminder that the company is facing adverse factors in its main automotive business.
The second quarter was a turbulent period for the electric car maker. Musk shelved cheap electric vehicle projects and instead focused on developing driverless taxis. Faced with slowing sales and increased competition, the company also laid off more than 10% of its employees.
Tesla claims that increased operating expenses and restructuring expenses, mainly driven by artificial intelligence (AI) projects, are also dragging down profits. The company previously anticipated spending more than $0.35 billion in the second quarter, mainly related to employee termination expenses.
Market competition intensifies
With car deliveries growing at an average annual rate of 50%, Tesla has become the most valuable car manufacturer in the world, but now the company is facing increasing competition, and other car makers are launching their own electric cars.
Tesla's share of the US electric vehicle market fell below 50% in the second quarter of this year, according to data from sales tracking agency Edmunds. And a few years ago, it dominated this market.
According to data released at the beginning of this month, Tesla sold a total of 0.444 million new cars worldwide, down 4.8% from the same period last year. This is the first time that Tesla has experienced a year-on-year decline in sales for two consecutive quarters.
Although Tesla did not give a new full-year sales target, it warned that “the 2024 car sales growth rate may be significantly lower than the 2023 growth rate.” This statement seems obvious given the drop in sales in the first half of this year.
Tesla said that in the second quarter, deliveries were drastically increased in several markets, including South Korea, supplied by the Shanghai Gigafactory. Although the Chinese automobile market is still one of the most competitive in the world, the company believes that the cost structure and focus on core functions have created value for customers, which has laid a good foundation for the company's long-term development.
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