Tesla reported second quarter revenue of $24.93 billion, which was up 47% year-over-year. The revenue total beat a Street consensus estimate of $24.48 billion, according to data from Zenger News Pro.
Tesla reported a profit of 91 cents per share in the quarter, beating a Street estimate of 82 cents per share.
Automotive revenue was $21.27 billion, up 46% year-over-year.
The company reported solar power of 66 MW in the quarter, down 38% year-over-year, but in-line with the 67 MW reported in the first quarter. Energy storage deployed was 3,653 MWh in the second quarter, up 222% year-over-year.
The company highlighted its previously reported production total of 479,700 units and delivery total of 466,140 units. Tesla called the second quarter a record based on production, deliveries and revenue.
“We are excited that we were able to achieve such results given the macroeconomic environment we are currently in,” the company said.
Operating margins came in at 9.6%, lower than previous quarters. Tesla called the margins “healthy” given price reductions in the first and second quarter. Gross margins were 18.2%, lower than the 25% reported a year ago and the 19.3% reported in the first quarter.
Average selling prices were down and impacted profit margins for the quarter, along with increased operating costs, according to the company.
The company ended the quarter with $184 million in digital assets on its balance sheet, in line with the total reported in the first quarter.
Tesla reported 5,265 Supercharger locations with 48,082 Supercharger connectors at the end of the second quarter.
The Cybertruck remains a highly anticipated vehicle and was a big topic in the earnings presentation.
“At Gigafactory Texas, in addition to continued success of the Model Y ramp, we are also working on equipment installation for Cybertruck production, which remains on track for initial deliveries this year,” the company said.
The automaker said it is testing Cybertruck vehicles around the world for the final steps of certification and validation.
“This might be the most unique vehicle product in decades; with that comes trialing and testing new technologies.”
Tesla also said it has made “notable progress” on its 4680 cell production lines.
“Cybertruck remains on track to begin initial production later this year at Gigafactory Texas. In addition, we continue to make progress on our next generation platform.”
Artificial intelligence was also mentioned several times in the presentation. Tesla is starting production of its Dojo training computer.
Tesla said it remains committed to its goal of 50% annual production growth with a target of 1.8 million vehicles produced in 2023, which would be ahead of the 50% target.
“In conclusion, we are focusing on cost reduction, new product development that will enable future growth, investments in R&D, better vehicle financing options, continuous product improvement and generation of free cash flow. The challenges of these uncertain times are not over, but we believe we have the right ingredients for the long-term success of the business through a variety of high potential projects.”
Tesla shares are up 0.3% to $292.16 in after hours trading Wednesday.
Produced in association with Benzinga
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