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Tesla’s Second Quarter Report Wasn’t Great

publication date: Jul 24, 2024
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Image: Tesla’s trailing twelve-month performance across vehicle deliveries, operating and free cash flow, as well as adjusted EBITDA have faced pressure in recent quarters. 

In short, Tesla’s second quarter report wasn’t great and was weighed down by reduced vehicle selling prices, restructuring charges, higher operating expenses due to AI projects, and lower vehicle deliveries, which fell 5% on a year-over-year basis in the quarter. Tesla continues to focus on “reducing COGS per vehicle, growing (its) traditional hardware business and accelerating development of (its) AI-enabled products and services,” and all eyes remain fixated on the timing of its Robotaxi deployment as well as the pace of Cybertruck deliveries. We remain on the sidelines with respect to shares.


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