Tesla: Robotaxis debut on 10 October and FSD by 2025

Second-quarter results presented, with almost 450,000 electric cars: the company still gains, but less than expected)

Photo by: InsideEVs

By: Francesco Barontini

Jul 24, 2024 at 6:24am ET

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Tesla has just released its second-quarter 2024 earnings, and to start with, it said it closed with a profit for the 19th consecutive quarter. However, things are not going as well as in the recent past as the company did not completely meet expectations on either earnings per share or revenues.

Yet, speaking of revenues, Elon Musk and co. posted a decent +2% compared to Q2 2023. Let us look at the numbers in detail.

Revenues over $25 billion

Tesla closed Q2 2024 with $25.5 billion in revenue and earnings per share of $0.52. The results were made possible by a number of factors that the company has identified with some precision.

Expansion of the energy storage business
Increased Cybertruck deliveries
Increased regulatory credit revenues
Growth in services and other secondary businesses
New financing options

However, the company also had to contend with factors that limited growth.

Lower average selling price of its vehicles
Lower deliveries compared to Q2 2023
Negative impact on exchange rates

Q2 2024 financial results

Confidence in the future

Tesla commented on the numbers presented: 'In Q2 we achieved record quarterly revenues despite a challenging operating environment... We also saw a sequential recovery in vehicle deliveries in the second quarter as overall consumer confidence improved and we launched attractive financing options to offset the impact of persistently high interest rates."

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"Global EV penetration returned to growth in Q2 and is taking share from ICE vehicles. We believe a pure electric vehicle is the optimal design and will eventually win over consumers as myths about range, charging and service are dispelled."

Nearly 450,000 vehicles delivered

Speaking of deliveries, Tesla reached 443,956 electric cars in the second quarter of the year. This is slightly above expectations of around 438,019 vehicles for the period from April to June. However, compared to the same period in 2023, the company recorded a 5% decrease. At the range level, the breakdown of vehicles delivered in Q2 2024 is as follows:

Model 3 and Y: 422,405
Model S, Model X and Cybertruck: 21,551

In terms of production, Tesla produced 386,576 Model 3 and Model Y. The Tesla Model S, Model X and Cybertruck, listed as 'Other Models', were, cumulatively, 24,255. Total production for Tesla in Q2 2024 was 410,831, a number significantly below deliveries.

Il Full Self Driving 12.4.2

Autonomous driving within the year or maybe within the year... next year

As always, the meeting with shareholders and the presentation of the financial results is a welcome opportunity to take stock of the company's plans and current projects.

Elon Musk said that Teslas will soon have total autonomous driving without the need for human supervision. The CEO of the company said that it will be available perhaps within the year. 'I would be shocked if we can't have it ready in 2025,' he added. Will it be true? However, analysts pointed out that the exact same statements were made back in... 2016.

A rendering of the Tesla Cybercab to be unveiled on 10 October

All set for Cybercab

In the Q2 2024 results conference call, Elon Musk returned to the subject of robotaxis. Well, for the first time after postponements in recent weeks, the Tesla boss said that the self-driving vehicle will be unveiled on 10 October.

The delay, according to leaks in recent days, was caused by the need to make major changes to the front of the vehicle. It is not known, however, whether this refers to the bodywork or the passenger compartment. Among the news, there is also the most likely name. Barring any last-minute second thoughts, the vehicle will be presented as the Cybercab.