Q2 2024 Tesla Inc Earnings Call Transcript
Key Points
- Tesla Inc (TSLA) achieved record quarterly revenues and record profits for its energy business.
- Energy storage deployments reached an all-time high in Q2.
- The company is on track to deliver a more affordable model in the first half of next year.
- Significant progress has been made with full self-driving (FSD) technology, with version 12.5 beginning rollout.
- Tesla Inc (TSLA) is nearing completion of the south expansion of Giga Texas, which will house its largest training cluster to date.
- Increased competition from other electric vehicle manufacturers has led to substantial discounting, making it more difficult for Tesla Inc (TSLA).
- Automotive margins remained flat sequentially due to the impact of reducing financing options to offset high interest rates.
- The company is experiencing varying amounts of tariffs on both raw materials and finished goods, impacting costs in the near term.
- The ramp-up of Cybertruck and Model 3 production is still ongoing, which may affect costs.
- Tesla Inc (TSLA) postponed the robotaxi product unveil by a couple of months to make important changes.
Good afternoon, everyone, and welcome to Tesla's second quarter 2024 Q&A Webcast. My name is Travis Axelrod, Head of Investor Relations, and I'm joined today by Elon Musk; Vaibhav Taneja, and a number of other executives.
Our Q2 results were announced at about 3:00 PM Central Time in the update deck we published at the same link as this webcast.
During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC.
(Event Instructions) Before we jump into Q&A, Elon has some opening remarks. Elon?
Thank you. So to recap, we saw large adoption acceleration of EVs and then a bit of a hangover as others struggle to make compelling UVs. So there have
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