Elon Musk: "Despite many challenges the Tesla team did a great job executing and we did achieve record quarterly revenues."
— Elon Musk
03Detailed Report
TSLA
Tesla Inc
Period
Q2 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 18, 2026
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Executive Summary
Tesla Inc reported strong performance in Q2 2024, achieving record quarterly revenues of $25.5 billion, a 19.7% increase from Q1 2024, despite facing competitive pressures in the electric vehicle (EV) market. The growth in total revenue reflects a strong demand for Tesla vehicles, further bolstered by the company’s efforts to localize its supply chain and offer attractive financing options amid high interest rates. However, net income saw a decline of 45.3% year-over-year to $1.478 billion, highlighting increasing pressures on profitability due to competitive pricing strategies and operational costs. Management expressed confidence in the future potential of new projects, including advancements in autonomous driving technology and energy solutions, which are expected to drive growth in upcoming quarters.
In the earnings call, CEO Elon Musk emphasized the importance of Tesla's unique position in EV production efficiency and autonomy. Notably, he stated, "While others are pursuing different parts of the AI robotic stack, we are pursuing all of them," reinforcing Tesla’s commitment to innovation and leadership in both the automotive and energy sectors.
Key Performance Indicators
Revenue
Increasing
25.50B
QoQ: 19.71% | YoY: 2.30%
Gross Profit
Increasing
4.58B
17.95% margin
QoQ: 23.86% | YoY: 0.99%
Operating Income
Decreasing
1.61B
QoQ: 37.06% | YoY: -33.10%
Net Income
Decreasing
1.48B
QoQ: 30.91% | YoY: -45.32%
EPS
Decreasing
0.46
QoQ: 24.32% | YoY: -45.88%
Revenue Trend
Margin Analysis
Financial Highlights
Q2 2024 Key Metrics
- Revenue: $25.5 billion (up 19.7% QoQ; up 2.3% YoY)
- Net Income: $1.478 billion (down 45.3% YoY; up 30.9% QoQ)
- Gross Profit Margin: 17.9%
- Operating Income: $1.605 billion (up 37.1% QoQ; down 33.1% YoY)
- EPS: $0.46 (up 24.3% QoQ; down 45.9% YoY)
The sequential growth in revenue is primarily driven by increased vehicle deliveries despite heightened competition and pricing pressures. However, the substantial decline in net income year-over-year indicates challenges in maintaining profitability.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
25.50B
2.30%
19.71%
Gross Profit
4.58B
0.99%
23.86%
Operating Income
1.61B
-33.10%
37.06%
Net Income
1.48B
-45.32%
30.91%
EPS
0.46
-45.88%
24.32%
Key Financial Ratios
Gross Profit Margin
Weak
18.00%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Fair
6.29%
Operating margin is moderate, room for improvement in cost management
Net Profit Margin
Fair
5.80%
Net profit margin is moderate, room for improvement in cost management
Return on Assets
Weak
1.31%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
2.22%
Return on equity suggests inefficient capital allocation
Current Ratio
Healthy
1.91
Current ratio shows adequate liquidity to meet short-term obligations
Debt to Equity
Conservative
0.19
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
High Growth
113.27x
Very high P/E indicates aggressive growth expectations, higher risk
Price to Book
High Premium
10.08x
Very high premium suggests asset-light business model or lofty expectations
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