Tesla reported revenue of US$24.97bn for Q2 2023, up 47% year ovn year and narrowly beating Wall Street’s $24.7bn projection, The Guardian said.
Operating income reportedlt decreased slightly to $2.4bn in Q2, for a 9.6% operating margin. Adjusted EBITA rose 23% to $4.7bn.
The automaker said it reduced costs for its popular vehicle models, leading to a sales surge.
Earnings per share of $0.91 also beat analyst estimates of $0.79.
Investors were concerned at the gross margin of 18.2%, a four year low for the EV maker. But that also exceeded the analysts' expectation of 17.5%, the Guardian noted.
“Despite lower car prices, the company managed to mitigate the already expected decline in margins, showcasing Elon Musk’s adeptness at steering the company through both prosperous and challenging times,” an analyst told the newspaper.
Tesla made 460,211 Model 3s and Model Ys versus 345,988 in Q2 2022.
It delivered 19,489 premium Model S and Model X, versus 16,411 a year ago.
