Earnings at Tesla fall as research spending cuts into profit from selling cars
6 hours ago
- Tesla's second-quarter net income fell to $1.11 billion, missing Wall Street forecasts of 53 cents per share, despite a 26% revenue rise to $28.24 billion.
- Research and development spending surged 49% to $2.37 billion, focused on robotaxis, AI software, and robotics infrastructure, with capital expenditures expected to exceed $25 billion this year.
- Vehicle deliveries increased 25% to 480,216 units, driven by Model Y and Model 3 sales, while energy storage revenue rose 13% to $3.14 billion and FSD subscriptions reached nearly 1.5 million globally.
- Tesla has begun Cybercab production in Texas and expects Optimus robot production later this year, but CEO Musk emphasized a cautious approach to robotaxi expansion to avoid accidents.
- Sales improved from last year's decline due to Musk's political controversies, boosted by cheaper EV models, European incentives, and increased EV demand from rising fuel prices.