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Tesla is set to release its second-quarter earnings report after the market closes on Tuesday. Analysts expect:
- Earnings per Share: 62 cents
- Revenue: $24.77 billion
After a tough start to the year, including a significant workforce reduction and declining vehicle deliveries, Tesla will focus on its strengths and future plans.
In the second quarter, Tesla delivered 443,956 vehicles, which is a 4.8% drop from last year but better than expected. The company also made big strides in its energy business, deploying 9.4 GWh of energy products—more than double the previous record.
Despite leading the U.S. electric vehicle market, Tesla is losing ground to competitors and facing challenges like an aging vehicle lineup and controversial comments from CEO Elon Musk. Musk has been linked to a super PAC supporting former President Donald Trump, but no donations have been made as of the end of June.
Rival companies have seen a 33% rise in electric vehicle sales, while Tesla’s sales dropped by 9.6% in the first half of 2024.
Tesla’s future plans will be a key topic during the earnings call. Musk has promised advancements in self-driving technology and a new robotaxi later this year. He also expects Tesla to introduce humanoid robots in factories next year and make them available to other companies by 2026.
Tesla’s shares closed about 5% higher on Monday at $251.51, ahead of the report. Wall Street is mixed on Tesla’s outlook, with only 22 out of 50 analysts recommending a buy.
