Tesla shared its financial report for the second quarter of 2024. The company completed this period with a revenue of 25.5 billion dollars and a profit of 1.48 billion dollars. Tesla’s revenue in the second quarter of 2023 was $24.9 billion. While this shows that there was a 2 percent increase in revenue, there is a sharp decrease of 45 percent on the profitability side.
Tesla’s gross margins are back in the spotlight as bullish investors hope to see improvement after years of steady decline. Excessive price cuts and cooling demand, as well as cheaper financing, have reduced the company’s once-vaunted margins to a six-year low.
The company reported an 18 percent gross profit margin based on generally accepted accounting practices. While this is slightly higher than the 17.4 percent reported last quarter, it is down slightly from the second quarter of 2023.
In the letter Tesla sent to its investors, it was stated that there was “global growth in electric car penetration” and that this was linked to positive feedback from customers, and the following statements were used: “As the myths about range, charging and service are debunked, we believe that a pure EV is the most suitable vehicle design.” Ultimately, we believe that it will be appreciated by consumers.”
Tesla managed to exceed expectations in production and deliveries
It was announced in the first days of July that Tesla exceeded expectations in production and deliveries, and this increased the company’s shares. Although the company produced 4.76 percent fewer cars and delivered 14 percent fewer vehicles compared to last year, it managed to exceed the expectations of Wall Street analysts who expected worse numbers.
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