On July 24th, Tesla released its Q2 2024 financial report. The company's second quarter revenue reached $25.5 billion (approximately RMB 185.5 billion), a year-on-year increase of 2%, setting a quarterly revenue record; Tesla's net profit for the quarter was $1.812 billion (non GAAP, approximately RMB 13.1 billion), a decrease of 42% compared to the same period last year.
Tesla stated that the growth rate of its automotive business this year may be lower than in 2023, but the growth rate of its energy and energy storage business will significantly increase. In addition, Tesla plans to launch Robotaxi products (autonomous taxis) on October 10th, and new cars such as Roadster are expected to be put into production next year.
The growth rate of energy business exceeds that of automobiles
Tesla currently has three main businesses. In terms of new energy vehicle business, Tesla delivered a total of 440000 vehicles in the second quarter of this year. The revenue of this business reached $19.9 billion (approximately RMB 144.8 billion), accounting for 78% of the overall revenue.
The new energy vehicle business remains Tesla's main revenue driver, but energy and energy storage businesses are becoming new growth points.
In the second quarter of this year, Tesla deployed a total of 9.4GWh of energy storage products, setting a historical record. This also led to a revenue of 3.014 billion US dollars (approximately 21.9 billion yuan) for the business, a year-on-year increase of 100%. At the same time, the energy and energy storage business is also the business sector with the largest revenue growth.
In addition, Tesla's service and other business revenue in the second quarter of this year was $2.6 billion (approximately RMB 18.9 billion), a year-on-year increase of 21%.
In the first half of this year, Tesla's revenue reached $46.8 billion (approximately RMB 340.5 billion), with a net profit of $3.348 billion (approximately RMB 24.4 billion). Tesla delivered approximately 830000 vehicles in the first half of the year, contributing revenue of over 37.2 billion US dollars (approximately 270.7 billion yuan); A total of 13.45GWh of energy storage products were deployed, contributing revenue of 4.65 billion US dollars (approximately 33.8 billion yuan).
Industry insiders believe that with the intensification of competition in the global new energy vehicle market, Tesla needs to quickly improve its competitiveness and explore new growth points to maintain its leading edge.
Robotaxi will be released on October 10th
After the release of the financial report, Tesla's executive team revealed multiple recent plans during a conference call.
The recently highly anticipated Tesla Robotaxi product was originally scheduled to be released on August 8th this year. Tesla's head of investment relations, Travis Axelrod, stated that the release of Robotaxi will be postponed until October 10th.
My previous predictions about truly autonomous driving may have been overly optimistic, "Tesla CEO Elon Musk said in a conference call." Based on current trends, we need to accumulate enough mileage data to ensure that autonomous driving outperforms human drivers. As for the specific timeline for (Robotaxi on the road), I believe it will be achieved by the end of this year, at the latest next year
Many technology and automotive companies around the world have successively laid out Robotaxi. At present, in the domestic market, several enterprises such as Wenyuan Zhixing, Baidu APOLLO, and Xiaoma Zhixing have launched commercial pilot operations for Robotaxi.
In terms of new products, Tesla plans to launch a more affordable model in the first half of 2025. In addition, Tesla is also developing a new electric sports car called the Roadster. Musk said that most of the vehicle engineering design for the new car has been completed and will be upgraded in the future. The Roadster will be a brand new and special product, expected to be officially put into production next year
Musk also talked about the latest developments in Tesla's Full Self Driving (FSD) technology during the conference call. Tesla expects FSD to receive approval from China and the European Union before the end of the year.
In terms of energy and energy storage business, on May 13 this year, according to the official WeChat official account of Shanghai Lingang Management Committee, the construction permit of Tesla Shanghai Energy Storage Super Factory has been issued. The project covers a total area of about 200000 square meters, with a total investment of about 1.45 billion yuan, and plans to produce super large commercial energy storage batteries Megapack.
In a recent media interview, Tesla's Global Vice President Tao Lin stated that the energy storage super factory will be completed by 2025. This is Tesla's first energy storage super factory project outside of the United States.
Contrary to the rapid progress of Tesla's Shanghai energy storage super factory, Musk stated in a conference call that the super factory project being built in Mexico has come to a standstill.
Overall, Tesla is accelerating its product, technology, and business layout, and the market is also looking forward to Tesla's new actions.