Tesla's Q2 2024 financial report indicates that the company's revenue was $25.5 billion, a 2% year-over-year increase. However, net profit saw a significant 45% decline to $1.494 billion. Net profit attributable to common shareholders was $1.478 billion, with diluted earnings per share of $0.42, a 46% decrease year-over-year. Adjusted earnings per share were $0.52, a 43% decrease, falling short of analyst expectations.
Revenue from the automotive business was $19.878 billion, a 7% decrease year-over-year. Revenue from the power generation and energy storage business was $3.014 billion, a 100% increase. Revenue from the services and other business was $2.608 billion, a 21% increase.
Total automotive production in the second quarter was 410,831 units, a 14% decrease year-over-year. Among these, the production of Model S and Model X was 24,255 units, a 24% increase; the production of Model 3 and Model Y was 386,576 units, a 16% decrease. Total vehicle deliveries were 443,956 units, a 5% decrease.
Tesla's total gross profit was $4.578 billion, a 1% increase, with a total gross margin of 18.0%. Operating profit was $1.605 billion, a 33% decrease, with an operating profit margin of 6.3%. Operating expenses were $2.973 billion, a 39% increase, with research and development expenses at $1.074 billion.
Tesla anticipates that the growth in automotive sales for 2024 will be lower than that of 2023, while the growth of energy storage deployments and revenue from the power generation and energy storage business will exceed that of the automotive business. The company will continue to reduce manufacturing and operational costs, expecting hardware-related profits to accelerate alongside artificial intelligence, software, and profits related to the fleet. The new vehicle plan is expected to begin production in the first half of 2025, utilizing the next-generation platform as well as various aspects of the current platform.
Meanwhile, Tesla CEO Elon Musk predicts that FSD will be available in China, Europe, and other countries after the release of version 12.6, with approval expected by the end of the year. Additionally, the Tesla Robotaxi plan is scheduled for release on October 10th.