Tesla Q2 2024 Earnings: Energy Business Comes Of Age Amid A Horrendous Automotive Gross Margin (Ex-RC)

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Tesla (NASDAQ: TSLA) has now disclosed its earnings for the second quarter of 2024, managing to post mixed results vis-a-vis the top-line and bottom-line metrics.

Tesla (TSLA) Q2 2024 Earnings

Tesla has reported $25.5 billion in revenue for the second quarter of 2024, beating consensus expectations of $24.74 billion (Bloomberg's compilation of estimates).

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Revenue In Billions Of Dollars

Revenue 051015202530 051015202530 Q2 2023 24 Q1 2024 21 Q2 2024 Consensus 24 Q2 2024 Actual 25

Tesla's energy business is finally coming of age, as indicated by the fact that the EV giant deployed 9.4GWh of energy storage products in the second quarter, constituting the highest quarterly deployment yet. The following chart gives a segmental overview of Tesla's top-line metric. Do note that the segmental consensus revenue estimates are based on The Zacks' compilation found here.

Tesla's Segmental Revenue In Billions Of Dollars

Q2 2024 ConsensusQ2 2024 Actual 04812162024 04812162024 Automotive Revenue 2019 Energy 23 Other Revenue Sources 22

The following snippet summarizes the EV giant’s production activities during the quarter:

As we reported earlier this month, Tesla delivered 443,956 units in Q2 2024 against a production level of 410,831 units. For the benefit of those who might not be aware, Tesla had delivered 386,810 units in the first quarter of the year against a production level of 433,371 units.

Moreover, Tesla's auto gross margin (ex-Regulatory Credits) printed at 14.65 percent for the just-concluded quarter.

Tesla's Auto Gross Margin (ex-Regulatory Credits) In Percents

Margin 04812162024 04812162024 Q2 2023 18 Q1 2024 16 Q2 2024 Consensus 16 Q2 2024 Actual 14

Do note that Tesla reduced the price of