Summary by Moomoo AI
Tesla reported Q2 2024 revenue of $25.5 billion, up 2% year-over-year, while net income declined to $1.5 billion from $2.6 billion in Q2 2023. Automotive revenue decreased 7% to $19.9 billion due to lower average selling prices, though regulatory credit revenue surged 216% to $890 million. The company delivered approximately 831,000 vehicles in the first half of 2024, with production reaching 844,000 units.The company initiated restructuring actions in Q2 to reduce costs and improve efficiency, resulting in $583 million in employee termination expenses. Gross margin slightly decreased to 18.0% from 18.2% year-over-year, impacted by lower vehicle prices and temporary manufacturing underutilization during production ramps. Energy generation and storage revenue doubled to $3.0 billion with improved 24.6% gross margin.Tesla maintained strong liquidity with $30.7 billion in cash and investments as of quarter-end. Capital expenditures reached $5.0 billion in the first half as the company continued expanding manufacturing capacity and developing new products. Management expects capital expenditures to exceed $10 billion in 2024, focusing on factory expansion, AI development, and new vehicle programs including Cybertruck and next-generation platforms.
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