Tesla’s (NASDAQ:TSLA) Q2 2024 earnings name comes on the heels of the corporate’s Q2 2024 Replace Letter, which was launched after the closing bell on Wednesday, July 23, 2024.
Tesla posted complete revenues of $25.5 billion, with automotive revenues of $19.878 billion within the second quarter. The corporate additionally posted non-GAAP earnings per share of $0.52 and GAAP EPS of $0.42 for Q2. Tesla posted $1.6 billion GAAP working revenue after restructuring costs of $600 million within the second quarter as nicely.
Q2 2024 Earnings Name begins in ~1.5h https://t.co/DnhM6ay60N
— Tesla (@Tesla) July 23, 2024
The next are reside updates from Tesla’s Q2 2024 earnings name. I might be updating this text in real-time, so please preserve refreshing the web page to view the newest updates on this story. The primary entry begins on the backside of the web page.
17:30 CDT: That’s a wrap! Thanks for studying and following together with our Stay Weblog! ‘Til subsequent quarter!
17:27 CDT: Potential Trump Presidency might finish IRA, and would Tesla have damaging implications if IRA is ended, an analyst asks. Musk mulls the query and says “It might have some influence, however it will be devastation to our opponents.” Musk believes eliminating the IRA would have minimal influence on Tesla. He continues to hound the purpose that Tesla’s worth is extremely reliant on autonomy and says if an investor doesn’t consider the corporate will clear up self-driving, they need to promote their inventory.
17:18 CDT: Musk breaks down the ride-sharing platform, highlighting the benefits: the car might be used 24/7, and might be a full-time member of the car fleet or a part-time contributor. Car proprietor will share revenues with Tesla straight.
Rollout questions from Pierre Ferragu of New Road Analysis are met with confusion from Musk. “Each automobile might be succesful,” as Ferragu requested if the early rollout of Robotaxi can be geofenced and small-scale.
17:14 CDT: Musk says GM canceled its self-driving, pedal-less, wheel-less car was canceled as a result of “it’s lower than par.” He says GM blamed regulators as a substitute of being clear about their self-driving efforts. “GM can’t make it work.”
17:12 CDT: Musk says Supervised FSD will come to China, Europe, “and different international locations” upon the discharge of v12.6. It can submit regulatory approval when these variations are rolled out
17:04 CDT: Alex Potter of Piper Sandler asks about FSD licensing — “Are you able to elaborate on the mechanics of how this is able to work?” Potter asks if it will be “plug-and-play” or would OEMs should undertake Tesla platform.
Musk confirms {hardware} must be upgraded: cameras and gateway with mobile and Wi-Fi functionality can be required. “…will probably be a number of years earlier than we see this in quantity,” Musk says. The CEO additionally provides that disclosure would depend upon who the OEM licensing FSD is, and a quantity minimal can be required.
16:59 CDT: Ben Kallo of Baird asks concerning the automotive income steadiness and the way will probably be impacted by AI. Musk says Optimus will possible be extra of a contributor to firm income than all different elements of the enterprise mixed. Musk believes 22 million items of humanoid robots might be demanded by prospects worldwide, with Optimus main the way in which. “Now we have all of the components; I feel we’re distinctive in having the entire components [when it comes to humanoid robots],” Musk stated. He additionally mentions ARK Make investments’s evaluation when factoring in AI and robotics.
Gigafactory Mexico is “paused” till after the election. Tesla will ramp up manufacturing at its current factories.
16:58 CDT: Musk says he doesn’t wish to give any particulars about future autos after an analyst query as a result of it might cannibalize near-term gross sales.
16:53 CDT: Musk says Grok will make its approach into Tesla autos sooner or later.
16:52 CDT: Does Tesla really feel it’s dishonest individuals from the enjoyment of proudly owning a Tesla as a result of it doesn’t promote? Merely put, no. Extra individuals in Q1, 66% of deliveries had been to individuals who by no means had a Tesla earlier than
16:51 CDT: Optimus equipment query will get a chuckle from Musk and Co. No actual replace given by the staff.
16:49 CDT: Musk says NVIDIA’s execution is “spectacular” as he talks about Dojo. Extra effort on Dojo is required to make sure coaching functionality wanted, Musk says. “We do see a path to being aggressive with NVIDIA with Dojo,” he provides. “We form of haven’t any alternative as a result of the demand for NVIDIA is so excessive; it’s clearly their obligation to lift the value of GPUs to regardless of the market will bear…We’ve actually bought to make Dojo work, and we’ll.”
16:47 CDT: A query concerning the 4680 manufacturing cell ramp yields Tesla to disclose 51 % extra cell manufacturing in Q2 than Q1. Greater than 1400 Cybertrucks price of 4680 cells every week. The primary validation Cybertruck with the dry-cathode course of has been constructed. Tesla says it’s on monitor to launch dry-cathode in This fall, decreasing prices for widespread cell manufacturing.
16:42 CDT – Tesla’s CFO takes the stage. Like Musk, he additionally prolonged his due to Tesla’s staff for pulling via within the second quarter. The chief highlighted that Tesla is providing extraordinarily aggressive finance charges worldwide, so one of the best time to purchase a Tesla is true now.
He additionally emphasised the truth that Tesla’s autos are essentially the most American automobiles available on the market right now. “We delight ourselves as an organization with essentially the most American-made automobiles.” He additionally famous that “Our focus is to offer essentially the most compelling merchandise on the most competitve value.”
16:39 CDT – The CEO famous that the Tesla Robotaxi is now deliberate for an unveiling on October 20. The delay within the car’s unveiling is because of modifications that he requested for the car.
As for Optimus, Tesla expects a number of 1000’s of humanoid robots produced and performing helpful duties on the firm’s amenities by subsequent yr. Optimus Model 1 will begin restricted manufacturing by subsequent yr, Musk estimated.
Musk additionally highlighted that Tesla Vitality is rising at an unbelievable tempo. Tesla Vitality may additionally double or triple manufacturing with each the corporate’s Lathrop and Shanghai Megafactories.
16:35 CDT – Elon Musk takes the stage for his opening remarks. He acknowledges that there’s now extra competitors in EV market. He additionally famous that opponents have rolled out reductions on EV costs, which has been a bit difficult for Tesla — however not in the long run.
Regardless of these challenges, Musk thanked the Tesla staff for attaining report revenues this previous quarter. The CEO famous that Tesla wouldn’t get too deep into its product highway map within the earnings name, although he did notice {that a} extra reasonably priced mannequin unveiling is predicted within the first half of 2025.
Musk additionally highlighted that FSD is seeing numerous progress, with model 12.5 having 5x the parameters of 12.4. He encourages Tesla homeowners to check out FSD. “Full Self-Driving might be an enormous demand driver,” Musk stated.
16:30 CDT – Tesla’s Q2 2024 earnings name begins — on time(!) The corporate’s new IR Head takes the stage. Elon Musk and different Tesla executives are current.
16:26 CDT – And the music begins. Right here we go! Or somewhat, the precise ready begins now.
16:20 CDT – Tesla inventory is down 4.27% as of writing. This isn’t a small drop by any means, although it’s extra tempered than the drops from earlier quarters. As per Barron’s, Tesla shares have moved a median of 11% over the previous 4 quarterly studies.
16:15 CDT – Good day, everybody, and welcome to our reside weblog of Tesla’s second quarter 2024 earnings name. Tesla’s second quarter outcomes are fairly combined, with the corporate beating estimates for income however falling wanting expectations in earnings per share. Tesla additionally reported $1.6 billion GAAP working revenue in Q2 after restructuring costs of $600 million. Elon Musk and Tesla’s different executives would possible present some context on the corporate’s Q2 ends in the upcoming earnings name.
Right here’s the livestream of Tesla’s Q2 2024 earnings name.
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