Summary by Moomoo AI
Tesla, Inc. reported its financial results for the quarter ended June 30, 2024, with mixed performance. Total revenues increased slightly by 2% year-over-year to $25.5 billion, while net income attributable to common stockholders decreased significantly to $1.48 billion, a drop from $2.7 billion in the same period last year. Automotive sales revenue saw a 9% decline due to lower average selling prices and a decrease in combined Model 3 and Model Y cash deliveries. However, automotive regulatory credits revenue surged by 216%, and energy generation and storage revenue doubled, indicating strong demand for Tesla's clean energy solutions. Gross margin for the automotive segment decreased slightly from 19.2% to 18.5%, reflecting lower vehicle prices and temporary under-utilization of manufacturing capacity. Research and development expenses rose by 14%, reflecting ongoing...Show More