Tesla The company is scheduled to report second-quarter earnings after the bell on Tuesday.
According to a survey of analysts by London Stock Exchange Group (LSEG), Wall Street’s expectations are as follows:
- Earnings per share: Expected 62 cents
- income: Estimated US$24.77 billion
After a tumultuous first half of the year that saw Tesla cut more than 10% of its workforce and see vehicle deliveries drop in the first and second quarters, the electric car maker will try to refocus investors on what’s happening and what’s ahead.
Although Tesla reported second-quarter vehicle deliveries of 443,956 vehicles, down 4.8% from the same period last year, these figures were better than analysts’ expectations.
The company also reported that its energy generation and storage unit, which sells and installs backup batteries and solar photovoltaics, had deployed 9.4 GWh of energy products in the period ended June 30. More than double.
Tesla remains by far the top seller of electric vehicles in the U.S., but it is losing market share to a growing number of rivals, in part because of its aging lineup of sedans and SUVs and the continued decline of CEO Elon The influence of Elon Musk. burning The political commentary appears to be having an impact on some left-leaning buyers.
Musk has reportedly said he plans to pledge about $45 million a month to a newly formed super PAC supporting former President Donald Trump, but had not made any contributions to the group as of the end of June, according to its latest quarterly financial report Donate. On July 13, Musk publicly supported Trump after an assassination attempt at a political rally.
According to statistics, only 13% of Republican and right-leaning voters are interested in purchasing an all-electric vehicle this year pew research center45% of Democratic and left-leaning voters are very or somewhat interested.
According to data tracked by Cox Automotive, in the first half of 2024, sales of pure electric vehicles by rival automakers in the United States increased by 33% compared with the same period last year, while Tesla’s sales fell by 9.6% during the same period. InsideEVs reports.
But Musk and his fellow Tesla bulls, along with his broader fanbase, have ambitions for the electric car maker that go beyond just building and selling cars.
The company’s other bets and its financials will be the focus of Tuesday afternoon’s conference call.
Musk (who also serves as CEO of SpaceX and runs Neuralink, The Boring Company, Cars transform into self-driving cars. The company is still trying to figure that out and has promised investors it will “launch” a new purpose-built robotaxi later this year.
In 2021, Musk also began to promise that Tesla would develop and produce humanoid robots that can at least work in factories. Musk said in a tweet on Monday that he expects Tesla to use some of the robots in its factories next year and make more available to other companies in 2026.
More details about the Optimus humanoid robot and the upcoming CyberCab self-driving car are expected to be announced during a conference call on Tuesday.
Tesla shares closed up about 5% on Monday at $251.51 per share in anticipation of Tuesday’s conference call.
Tesla’s “deliveries” are not an audited financial metric, but are the closest thing to the company’s reported sales.
According to CNBC Pro, Wall Street is deeply divided on Tesla’s prospects. According to LSEG, only 22 of the 50 analysts covering the company have buy or strong buy ratings.
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