Tesla is set to release its second-quarter earnings report after the market closes today, and all eyes are on the electric vehicle (EV) giant. Here’s what Wall Street analysts are predicting: an earnings per share of 62 cents and revenue of $24.77 billion.
Tesla's year has been tumultuous so far, with significant headcount reductions and a decline in vehicle deliveries in the first and second quarters. Despite these challenges, the company aims to shift investor focus to its positive strides and future potential.
In the second quarter, Tesla delivered 443,956 vehicles, which, although a 4.8% decrease from the same period last year, surpassed analyst expectations. The company's energy generation and storage division also made impressive gains, deploying 9.4 GWh of energy products—a record-breaking figure.
While Tesla continues to dominate the U.S. EV market, it faces growing competition from emerging rivals, partially due to its aging lineup and the controversial political statements of CEO Elon Musk. Musk has been vocal in his political endorsements, which has affected Tesla's appeal among certain customer segments. Despite this, the company is pushing forward with its ambitious projects.
One of Tesla's notable areas of focus is its plan to transform its EVs into self-driving cars through software updates. Musk has been promising this capability since 2016, and the company is also set to introduce a dedicated robotaxi later this year. Another bold initiative is the development of humanoid robots, which Musk predicts will begin working in Tesla factories next year, with wider availability by 2026.
Investors are keenly awaiting more details on these projects, especially the Optimus humanoid robot and the CyberCab autonomous vehicle, during today’s earnings call. Tesla shares have already seen a 5% increase, closing at $251.51 on Monday, reflecting investor anticipation.
Tesla’s delivery figures, while not officially audited, provide a crucial insight into the company’s sales performance. However, Wall Street remains divided on Tesla’s future, with only 22 out of 50 analysts giving it a buy or strong buy rating.
As Tesla navigates its current challenges and continues to innovate, today’s earnings call will be crucial in understanding its trajectory and potential for the remainder of the year.
