NASDAQ$TSLA
Tesla Motors, Inc. · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Tesla achieved record quarterly revenues despite a difficult operating environment, with significant growth in the Energy Storage business and a rebound in vehicle deliveries. Progress continued for AI initiatives, and the company focused on cost reduction and future growth investments.
Tesla's Q2 2024 saw a 2% YoY increase in total revenue to $25.5 billion. GAAP operating income was $1.6 billion, and GAAP net income reached $1.5 billion. The Energy Storage business set a record with 9.4 GWh of deployments. The company is focused on cost reduction, AI development, and managing its product portfolio for long-term growth.
- Total revenue increased by 2% YoY to $25.5B, driven by growth in energy storage, Cybertruck deliveries, and regulatory credits.
- GAAP operating income was $1.6B after restructuring charges of $0.6B, with an operating margin of 6.3%.
- Free cash flow was $1.3B, supported by operating cash flow of $3.6B and an inventory decrease of $1.8B.
- Cash and investments increased by $3.9B to reach $30.7B at the end of the quarter.
Headline financials
Revenue & EPS history
Tesla · Revenue · Quarterly
$25.5B
Revenue by segment
Tesla · $23.4B total across 5 segments · Q3 2023
- Automotive Sales$18.6B—79.6%
- Services & Other$2.17B—9.3%
- Energy & Storage$1.56B—6.7%
- Regulatory Credits$554M—2.4%
- Automotive Leasing$489M—2.1%
Forward guidance
Tesla is currently between two major growth waves. In 2024, vehicle volume growth may be notably lower than in 2023. The company expects growth rates of energy storage deployments and revenue to outpace the Automotive business. Plans for new vehicles, including more affordable models, remain on track for start of production in the first half of 2025.
Tailwinds
- Sufficient liquidity to fund product roadmap and capacity expansion.
- Expect hardware-related profits to be accompanied by AI, software, and fleet-based profits over time.
- New vehicle plans, including more affordable models, remain on track for start of production in the first half of 2025.
- Approach will result in achieving less cost reduction than previously expected but enables prudent growth.
- Should help fully utilize current expected maximum capacity of close to three million vehicles.
Headwinds
- Vehicle volume growth rate may be notably lower than the growth rate achieved in 2023.
- Achieving less cost reduction than previously expected.
- Managing business during an uncertain period.
- Timing of Robotaxi deployment depends on technological advancement and regulatory approval.
- Managing product portfolio with a long-term orientation.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
+0.1%
Avg return
Earnings day
+2.3%
Avg return
5 days after
+2.5%
Avg return
30 days after
56%
36 / 64 earnings
Positive
+25.1%
Q1 2013
Best reaction
-14.1%
Q2 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | -5.9% | -3.0% | +10.0% | |
| Q1 2026 | +0.5% | -3.0% | +10.0% | |
| Q3 2025 | +3.6% | +4.9% | -10.9% | |
| Q2 2025 | -8.2% | -3.4% | +2.2% | |
| Q1 2025 | +5.4% | +20.1% | +42.6% | |
| Q4 2024 | +2.9% | +0.8% | -24.7% | |
| Q3 2024 | +19.5% | +20.4% | +61.7% | |
| Q2 2024 | -14.1% | -12.6% | -16.2% | |
| Q1 2024 | +14.1% | +18.5% | +22.3% | |
| Q4 2023 | -12.7% | -8.7% | -8.2% | |
| Q3 2023 | -13.6% | -16.8% | -8.1% | |
| Q2 2023 | -10.4% | -8.3% | -26.5% | |
| Q1 2023 | -11.6% | -11.8% | -2.3% | |
| Q4 2022 | +11.4% | +15.8% | +36.8% | |
| Q3 2022 | -5.9% | -4.1% | -18.2% | |
| Q2 2022 | +10.7% | +9.3% | +20.8% | |
| Q1 2022 | -1.9% | -2.9% | -35.4% | |
| Q4 2021 | -9.7% | +2.0% | -11.8% | |
| Q3 2021 | +3.4% | +18.6% | +31.6% | |
| Q2 2021 | +0.2% | +6.8% | +10.5% | |
| Q1 2021 | -3.4% | -2.7% | -15.1% | |
| Q4 2020 | -5.4% | -4.9% | -23.5% | |
| Q3 2020 | +0.9% | -0.4% | +16.0% | |
| Q2 2020 | -3.5% | -1.8% | +30.7% | |
| Q1 2020 | +1.7% | -1.0% | +8.6% | |
| Q4 2019 | +13.0% | +37.6% | +17.8% | |
| Q3 2019 | +17.3% | +28.2% | +30.3% | |
| Q2 2019 | -12.1% | -9.4% | -18.7% | |
| Q1 2019 | -6.1% | -8.5% | -27.8% | |
| Q4 2018 | +3.2% | +5.2% | -0.9% | |
| Q3 2018 | +7.0% | +13.8% | +10.8% | |
| Q2 2018 | +17.2% | +14.7% | +1.2% | |
| Q1 2018 | -5.2% | +1.0% | -2.7% | |
| Q4 2017 | -5.6% | -5.5% | -2.0% | |
| Q3 2017 | -9.7% | -8.7% | -7.5% | |
| Q2 2017 | +8.6% | +11.1% | +11.2% | |
| Q1 2017 | -7.3% | -3.7% | +6.6% | |
| Q4 2016 | -7.7% | -11.2% | -5.1% | |
| Q3 2016 | +0.8% | -2.3% | -2.8% | |
| Q2 2016 | +1.5% | -0.5% | -12.9% | |
| Q1 2016 | -9.0% | — | — | |
| Q4 2015 | +1.5% | — | — | |
| Q3 2015 | +8.4% | — | — | |
| Q2 2015 | -7.5% | — | — | |
| Q1 2015 | +1.7% | — | — | |
| Q4 2014 | -6.2% | — | — | |
| Q3 2014 | +0.9% | — | — | |
| Q2 2014 | +1.9% | — | — | |
| Q1 2014 | -13.8% | — | — | |
| Q4 2013 | +3.1% | — | — | |
| Q3 2013 | -13.7% | — | — | |
| Q2 2013 | +7.9% | — | — | |
| Q1 2013 | +25.1% | — | — | |
| Q4 2012 | +2.0% | — | — | |
| Q3 2012 | +0.5% | — | — | |
| Q2 2012 | +4.0% | — | — | |
| Q1 2012 | -1.6% | — | — | |
| Q4 2011 | -1.6% | — | — | |
| Q3 2011 | +0.9% | — | — | |
| Q2 2011 | +3.6% | — | — | |
| Q1 2011 | -3.8% | — | — | |
| Q4 2010 | +3.7% | — | — | |
| Q3 2010 | +9.6% | — | — | |
| Q2 2010 | +6.8% | — | — | |
| Q1 2010 | — | — | — |
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