Shillong, July 20: Elon Musk-led Tesla has announced impressive financial results for the second quarter (Q2) this year, with a revenue of $25 billion and a net income of $2.7 billion, representing a 20% increase year-on-year. The revenue also marked a significant 50% rise from the previous year’s sales of $16.9 billion, primarily driven by automotive sales amounting to $21.3 billion in the April-June period.
In Q2, Tesla produced approximately 480,000 vehicles and delivered over 466,000 vehicles, demonstrating strong operational performance.
The company’s earnings report projects further growth, aiming to remain ahead of the long-term 50% compound annual growth rate (CAGR) with an estimated production of around 1.8 million vehicles in 2023.
While planning factory upgrades, Tesla anticipates a slight decrease in production during Q3. Elon Musk also mentioned that dramatic rises in interest rates might lead to reduced car prices to offset increased interest payments.
Tesla recently showcased its highly anticipated Cybertruck at its Gigafactory in Austin, Texas, aiming for high-volume production in the next year and deliveries in the current year.
Despite price reductions in Q1 and early Q2, Tesla maintained a healthy operating margin of approximately 10%.
The company is committed to cost reduction, continuous product improvement, investment in research and development, and generating free cash flow. Additionally, it is actively testing Cybertruck vehicles worldwide for final certification and validation, expecting to break technological and architectural boundaries with this unique vehicle product.