Quarterly Report — Q2 2024
Filed July 24, 2024
Revenue came in around $25.5 billion for the first half of 2024, with the automotive segment still dominating but showing pricing pressure year-over-year as Tesla leaned on volume and price cuts. The real bright spot is energy generation and storage, which surged meaningfully compared to the same periods in 2023, signaling that Tesla's non-car businesses are becoming a more material part of the story. Cash position remains strong with substantial liquidity, though profits have compressed as the company absorbs higher costs from factory ramp-ups and aggressive pricing strategy.
Filing details
Performance by segment
Automotive
Automotive segment revenue fell to $19.88B in Q2 2024 from $21.27B in Q2 2023, a 7% decline, driven by lower average selling prices from price reductions and a decrease of ~13,000 combined Model 3/Model Y cash deliveries. For the first half, total automotive & services and other segment revenue declined 7% to $42.15B. Gross margin compressed from 19.2% to 18.5% in Q2 YoY, partially offset by a 216% surge in regulatory credits revenue to $890M and Cybertruck production ramp adding ~4,000 incremental deliveries of other models.
“The next phase of production growth will depend on the continued ramp at our factories and be initiated by advances in autonomy and the introduction of new products, including those built on our next generation vehicle platform.”
Energy Generation and Storage
Energy generation and storage revenue doubled YoY to $3.01B in Q2 2024 from $1.51B in Q2 2023, and rose 53% to $4.65B for the first half, primarily driven by increases in Megapack deployments. The segment deployed 13.46 GWh of energy storage products through the first half of 2024. Gross margin expanded sharply from 18.4% to 24.6% in Q2 YoY, boosted by higher IRA manufacturing credits and a greater proportion of higher-margin storage business.
“We continue to increase the production of our energy storage products to meet high levels of demand, including the construction of a new Megafactory in Shanghai and the ongoing ramp at our Megafactory in Lathrop, California.”