https://sputnikglobe.com/20240724/tesla-announces-weaker-than-expected-second-quarter-earnings-1119480556.html
Tesla Announces Weaker Than Expected Second-Quarter Earnings
Tesla Announces Weaker Than Expected Second-Quarter Earnings
Sputnik International
Tesla remains the No. 1 selling electric vehicle in the United States and leads the global industry in terms of brand representation. But it is also losing market share to a growing number of rivals at home and abroad, especially Chinese competitors with more innovative technology.
2024-07-24T03:55+0000
2024-07-24T03:55+0000
2024-07-24T03:55+0000
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NEW YORK (Sputnik) - Global electric vehicle industry leader Tesla has reported weaker than expected earnings for April through June after a drop in automotive sales for a second straight quarter. Tesla reported second-quarter net income of $1.5 billion, a 45% decline compared to the same period last year. Revenue improved by 2% from $24.93 billion a year earlier but only due to Tesla's energy generation and storage business, which sells and installs backup batteries for residential, commercial, and utility use. Revenue from sales of Tesla vehicles dropped 7% to $19.9 billion from $21.27 billion during the same quarter one year ago. Tesla remains the No. 1 selling electric vehicle in the United States and leads the global industry in terms of brand representation. But it is also losing market share to a growing number of rivals at home and abroad, especially Chinese competitors with more innovative technology.ITesla offered discounts and other incentives during the quarter, including subsidized financing deals in China and the United States, to try and spur sales. Those actions further eroded the company’s profits. Globally, Tesla and China’s BYD dominate the electric vehicle market, becoming direct competitors in China as well as much of the world beyond the United States. Other Chinese electric vehicle startups such as Nio, Li Auto, and Xpeng are also gearing up for a slice of the international market.
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tesla profits decline, tesla earnings drop, tesla revenue down q2 2024
tesla profits decline, tesla earnings drop, tesla revenue down q2 2024
Tesla Announces Weaker Than Expected Second-Quarter Earnings
Tesla remains the No. 1 selling electric vehicle in the United States and leads the global industry in terms of brand representation. But it is also losing market share to a growing number of rivals at home and abroad, especially Chinese competitors with more innovative technology.
NEW YORK (Sputnik) - Global electric vehicle industry leader Tesla has reported weaker than expected earnings for April through June after a drop in automotive sales for a second straight quarter.
Tesla reported second-quarter net income of $1.5 billion, a 45% decline compared to the same period last year. Revenue improved by 2% from $24.93 billion a year earlier but only due to Tesla's energy generation and storage business, which sells and installs backup batteries for residential, commercial, and utility use.
Revenue from sales of Tesla vehicles dropped 7% to $19.9 billion from $21.27 billion during the same quarter one year ago.
Tesla remains the No. 1 selling electric vehicle in the United States and leads the global industry in terms of brand representation. But it is also losing market share to a growing number of rivals at home and abroad, especially Chinese competitors with more innovative technology.
ITesla offered discounts and other incentives during the quarter, including subsidized financing deals in China and the United States, to try and spur sales. Those actions further eroded the company’s profits.
Globally, Tesla and China’s BYD dominate the electric vehicle market, becoming direct competitors in China as well as much of the world beyond the United States. Other Chinese electric vehicle startups such as Nio, Li Auto, and Xpeng are also gearing up for a slice of the international market.
