Tesla, the electric automobile giant led by Elon Musk, has reported a profit of USD 1.5 billion for the April-June period (Q2) of 2024, marking a 45 percent decrease from the same period in 2023. Despite this drop in profit, total revenue increased by 2 percent year-on-year to USD 25.5 billion. However, automotive revenues fell by 7 percent to USD 19.9 billion, according to the companys report.In Q2, we achieved record quarterly revenues despite a difficult operating environment, Tesla stated. The company highlighted the rapid growth of its Energy Storage business, which set a record in Q2 with 9.4 GWh of deployments. This growth contributed to record revenues and gross profits for the segment overall.Future outlook for EV salesLooking ahead, Tesla indicated the possibility of selling fewer electric vehicles (EVs) in 2024 compared to 2023. The company noted that global EV penetration returned to growth in Q2, gaining market share from internal combustion engine (ICE) vehicles.We believe that a pure EV is the optimal vehicle design and will ultimately win over consumers as the myths on range, charging, and service are debunked, Tesla commented.Upcoming robotaxi prototypeCEO Elon Musk announced plans to showcase Teslas robotaxi prototype during an event on October 10, postponing a previous plan to reveal it on August 8. Though the timing of Robotaxi deployment depends on technological advancement and regulatory approval, we are working vigorously on this opportunity given the outsized potential value, Musk said.
