Tesla’s profits sank sharply in the second quarter of 2024

Category: Business

Tesla reported a net income of $1.48 billion on $25.5 billion in revenue for Q2, marking a 2% revenue increase year-over-year but a 45% drop in net income. Gross margins improved slightly to 18%, yet remain at a six-year low due to price cuts and cooling demand. Despite producing and delivering fewer vehicles than last year, Tesla exceeded Wall Street expectations. The company also noted a global growth in EV penetration and Musk's political endorsement of Donald Trump may impact sales and brand reputation.

Keywords: Tesla, earnings report, electric vehicles

Source: The Verge

Update At: 7/24/2024

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