Tesla reports its quarterly performance for the second quarter of 2024 after releasing production numbers at the beginning of the month. Total revenue increased by 2% compared to the same period last year to $25.5 billion. Revenue from the automotive business alone was $19.878 billion, a decrease of 7%. Net income in accordance with GAAP was $1.478 billion, with free cash flow at $1.342 billion.
The company stated that it achieved record revenue amidst a challenging operational environment. The overall market for EV cars saw growth in the past quarter, and Tesla believes that Pure EV is the answer customers will choose, considering factors like range, charging, and service. Furthermore, Tesla reduced the price of the FSD software for customers in the United States in the previous quarter to encourage more usage and showcase the potential of AI in FSD.
Elon Musk, CEO of Tesla, provided additional insights during the earnings call, mentioning the upcoming launch of Robotaxi. He emphasized the importance of delivering on this project within the next year as a key focus for the company.
TLDR: Tesla’s Q2 2024 results show increased revenue despite challenges in the EV market, with a focus on Pure EV and FSD software advancements. CEO Elon Musk highlights the importance of launching Robotaxi within the next year.
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