Tesla's energy storage revenue doubles

25 Jul 2024 CW Team

Operating expenses rose by 39% year-over-year, attributed to investments in AI projects and restructuring efforts. CEO Elon Musk mentioned during an investor call that the company is focusing on future projects such as AI training and infrastructure development. Tesla's automotive segment experienced a 7% decrease in revenue to $19.88 billion, with factors including reduced average selling prices and a slight decline in vehicle deliveries.

However, this decline was partially offset by increased deliveries of the Cybertruck and higher revenue from regulatory credits. Despite becoming the top-selling EV pickup in the U.S., Cybertruck sales were unable to fully compensate for overall declines. Musk attributed the drop in deliveries and prices to aggressive pricing strategies by competitors but expressed confidence that this was not a long-term issue.

On the other hand, Tesla's energy generation and storage segment doubled its revenue to $3.01 billion, with record deployments in energy storage products contributing to substantial profits. Looking at the first half of 2024, Tesla reported total revenue of $46.8 billion, down 5% from the same period in the previous year. Net income for the first half of 2024 was $2.61 billion, a significant decrease from $6.82 billion in the first half of 2023, mainly due to lower EV sales despite strong performance in energy storage.

In late 2023, Tesla's charging technology became the official standard across U.S. public networks following the allocation of $7.5 billion from the Bipartisan Infrastructure Law for establishing a nationwide EV charging network. This adaptation maintains the essence of the original information while presenting it in an indirect manner.

Tesla's revenue for the second quarter of FY 2024 increased by 2% year-over-year to $25.5 billion, driven by growth in its energy storage business, despite a decline in automotive sales. The company reported a net income of $1.48 billion for the quarter, marking a 45% decrease from the previous year, primarily due to lower revenue in its automotive segment.Operating expenses rose by 39% year-over-year, attributed to investments in AI projects and restructuring efforts. CEO Elon Musk mentioned during an investor call that the company is focusing on future projects such as AI training and infrastructure development. Tesla's automotive segment experienced a 7% decrease in revenue to $19.88 billion, with factors including reduced average selling prices and a slight decline in vehicle deliveries.However, this decline was partially offset by increased deliveries of the Cybertruck and higher revenue from regulatory credits. Despite becoming the top-selling EV pickup in the U.S., Cybertruck sales were unable to fully compensate for overall declines. Musk attributed the drop in deliveries and prices to aggressive pricing strategies by competitors but expressed confidence that this was not a long-term issue.On the other hand, Tesla's energy generation and storage segment doubled its revenue to $3.01 billion, with record deployments in energy storage products contributing to substantial profits. Looking at the first half of 2024, Tesla reported total revenue of $46.8 billion, down 5% from the same period in the previous year. Net income for the first half of 2024 was $2.61 billion, a significant decrease from $6.82 billion in the first half of 2023, mainly due to lower EV sales despite strong performance in energy storage.In late 2023, Tesla's charging technology became the official standard across U.S. public networks following the allocation of $7.5 billion from the Bipartisan Infrastructure Law for establishing a nationwide EV charging network. This adaptation maintains the essence of the original information while presenting it in an indirect manner.

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