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Tesla Inc (NASDAQ:TSLA) shares are trading lower Wednesday on the heels of the company’s second-quarter financial results. The EV maker noted that it expects 2024 vehicle volume growth to be lower than in 2023.
What Happened: Tesla said second-quarter revenue increased 2% year-over-year to $25.5 billion, beating the consensus estimate of $24.73 billion, according to estimates from Benzinga Pro. The company reported adjusted earnings of 52 cents per share, missing analyst estimates of 62 cents per share.
Tesla’s earnings miss appears to be due to continued pressure on its auto business. Automotive revenue fell 7% year-over-year as earnings margins declined.
Tesla produced 410,831 vehicles in the second-quarter, down 14% year-over-year, and delivered 443,956 vehicles, down 5% year-over-year. The EV maker ended the quarter with 6,473 Supercharger stations. Tesla noted that it had record energy storage of 9.4 GWh in the second quarter.
Tesla said it expects a sequential increase in production in the third quarter, but warned that vehicle growth may be notably slower overall this year compared to last year.
“In 2024, our vehicle growth rate may be notably lower than the growth rate achieved in 2023, as our teams work on the launch of the next generation vehicle and other products,” the company warned.
Tesla said it has enough cash on hand and liquidity available to build out its product roadmap and complete its long-term expansion plans.
Late Tuesday, CEO Elon Musk posted a poll on X asking users to vote on whether Tesla should invest $5 billion in Musk’s artificial intelligence startup xAI. At the time of writing, 68.6% of respondents were in favor of the move.
Check This Out: Tesla Robotaxi Unveiling Set For Oct.10: Here Are The Updates From Company CEO Elon Musk On Its Upcoming Product
Analyst Changes: Following the print, multiple analysts adjusted price targets on the stock.
TSLA Price Action: Tesla shares were down 7.93% at $226.85 at the time of publication Wednesday, according to Benzinga Pro.
Photo: courtesy of Tesla.
Posted In: TSLA