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Source: Huanqiu.com

[Global Network Financial Comprehensive Report] On July 24, according to the Associated Press and other media, electric car giant Tesla recently released its second quarter financial report for 2024. Data showed that despite the company's promotional measures such as price cuts and low-interest financing, global electric car sales still declined significantly, resulting in a 45% drop in net profit from the same period last year to only US$1.48 billion. This figure is far lower than the US$2.7 billion in the same period of 2023, marking the second consecutive quarter of Tesla's net income decline.

Despite poor sales performance, Tesla's total revenue in the second quarter still achieved a 2% increase to $25.5 billion, exceeding Wall Street's expectations of $24.54 billion. However, after deducting one-time items, earnings per share were 52 cents, failing to reach analysts' forecast of 61 cents, sparking market concerns. As a result, Tesla's stock price fell by about 8% after the release of the financial report.

Tesla sold 443,956 vehicles in the second quarter, down 4.8% from 466,140 vehicles in the same period last year, although the figure was slightly higher than analysts' expectations. The decline in sales indicates that market demand for Tesla's aging product line is weakening, with global sales of about 831,000 vehicles in the first half of the year, still a long way from CEO Elon Musk's full-year sales target of more than 1.8 million vehicles.

It is worth noting that despite the sales challenges, Tesla's energy storage business performed well, with revenue of slightly more than $3 billion, double that of the same period last year. This growth highlight has alleviated the pressure on the overall performance to a certain extent.

Tesla's gross margin fell again in the quarter to 18%, down slightly from 18.2% a year ago and well below its peak of 29.1% in the first quarter of 2022. The company said it set a new record for quarterly revenue despite a difficult operating environment.

In addition, Musk also revealed Tesla's future development plans, including the robot taxi launch postponed to October 10, the limited production of the Optimus humanoid robot early next year, and the new and more affordable models expected to be launched in the first half of next year.

Market analysts pointed out that the sharp drop in Tesla's stock price was partly due to the company's failure to provide new specific information about vehicle sales or tangible financial targets.

Tesla said in the report that it is between two major waves of growth, with the next coming through advances in self-driving cars and new models. However, the company also reiterated its cautious tone, saying sales growth is likely to be significantly lower than the rate achieved in 2023.