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Elon Musk has his days. Sometimes he’s up, and sometimes he’s down. What matters is his plans are still in effect. Although stalled a few months.

Tesla’s stock dropped over 11% following its second-quarter financial report, which revealed mixed results and a projection of slower growth compared to 2023. The company reported $25.05 billion in revenue, slightly above expectations, but its adjusted profits fell short at $0.52 per share versus the anticipated $0.60. Despite this, Tesla confirmed that plans for new, more affordable electric vehicles (EVs) remain on track, with production expected to start in the first half of 2025.

CEO Elon Musk announced a rescheduled reveal date for Tesla’s robotaxi, now set for October 10, which will feature the company’s “unboxed manufacturing strategy.” This new date was chosen to allow for additional enhancements to the vehicle, originally planned for an August unveiling. The robotaxi is part of Tesla’s broader strategy to incorporate advanced AI and full self-driving (FSD) technologies, which are seen as critical to achieving a market valuation of over $1 trillion.

The company also noted significant progress in other vehicle lines, including the Cybertruck, which saw production more than triple from the first quarter. Tesla expects the Cybertruck to reach profitability by the end of the year. Additionally, the company aims to begin production at its Semi factory by the end of 2025.

Tesla delivered 443,956 vehicles globally in the second quarter, exceeding the Bloomberg consensus estimate of 439,302, but this figure represents a nearly 5% decrease from the same quarter last year. However, the Q2 delivery total was a substantial improvement from the 386,810 vehicles delivered in Q1, alleviating some concerns about declining demand for Tesla’s vehicles.

The mixed earnings report and updated guidance reflect the challenges Tesla faces in maintaining its growth trajectory amid fluctuating demand and ongoing production ramp-ups for new models.

Key Points:

  • Tesla’s stock fell over 11% after mixed Q2 results and slower growth projections.
  • Revenue hit $25.05 billion, but adjusted profits were below expectations.
  • New, affordable EVs and robotaxi reveal postponed to October 10.
  • Cybertruck production tripled; profitability expected by year-end.
  • Global vehicle deliveries improved from Q1 but were down 5% year-over-year.

TL Holcomb – Reprinted with permission of Whatfinger News