Tesla's profits almost halved in the second quarter of 2024, extending a spell of misery for the company, which was only mitigated by an increase in energy production and storage.
Tesla records lowest profit margin in five years | BBC News
According to figures filed with the US Securities and Exchange Commission (SEC), Tesla's revenue was mostly flat, up just under 2 percent. The company's revenue of $25.5 billion was just above $24.9 billion for the same period in 2023, although revenue from auto sales fell from $20.4 billion to $18.4 billion.
However, the figure was boosted by regulatory credits for autos, which rose from $282 million to $890 million, and an increase in power generation sales, which rose from $1.4 billion to $2.9 billion.
The company's shares fell as markets digested the news, and some analysts worried that Tesla's core car business was under pressure. Others looked to the brighter autonomous future promised by CEO Elon Musk.
