The company on Tuesday reported revenue of $25.50bn (about R469,208,925,000) for the three months ended June, compared with $24.93bn (about R458,720,725,500) a year earlier. Analysts on average had estimated $24.77bn (about R455,776,669,500), according to LSEG data.
Tesla's sales of regulatory credits nearly tripled to $890m (about R16,381,028,500) in the second quarter from a year earlier.
“Plans for new vehicles, including more affordable models, remain on track for start of production in the first half of 2025,” Tesla said.
Tesla reiterated cost reductions for new vehicles would be less than expected.
Net income was $1.48bn (about R27,240,362,000) in the second quarter, compared to $2.70bn (about R49,695,255,000) a year ago.
Adjusted earnings of 52c per share missed the Wall Street consensus of 62c, as calculated by LSEG.
Tesla margin misses estimates as price cuts and incentives weigh
Image: Michael M. Santiago/Getty Images
Tesla's second-quarter margin missed analysts' estimates as price cuts and incentives to spur sagging demand continued to hurt the bottom line while the company intensifies its self-driving technology efforts, it said on Tuesday.
Tesla recorded automotive gross margin excluding regulatory credits of 14.65% in the second quarter, compared with estimates of 16.29%, according to 20 analysts polled by Visible Alpha.
It was the lowest quarterly margin in more than five years, and shares of the electric vehicle maker were down about 4% in after-hours trading.
The results were a reminder of headwinds facing the company in its main auto business, even as CEO Elon Musk reoriented the carmaker to self-driving technology, helping Tesla stock recoup most of its losses this year.
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The company on Tuesday reported revenue of $25.50bn (about R469,208,925,000) for the three months ended June, compared with $24.93bn (about R458,720,725,500) a year earlier. Analysts on average had estimated $24.77bn (about R455,776,669,500), according to LSEG data.
Tesla's sales of regulatory credits nearly tripled to $890m (about R16,381,028,500) in the second quarter from a year earlier.
“Plans for new vehicles, including more affordable models, remain on track for start of production in the first half of 2025,” Tesla said.
Tesla reiterated cost reductions for new vehicles would be less than expected.
Net income was $1.48bn (about R27,240,362,000) in the second quarter, compared to $2.70bn (about R49,695,255,000) a year ago.
Adjusted earnings of 52c per share missed the Wall Street consensus of 62c, as calculated by LSEG.
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