ALBAWABA - Tesla announced its quarterly financial results for the second quarter of 2023, revealing revenue of approximately $25.93 billion, surpassing expectations that pointed to revenue of around $24.47 billion.
Earnings per share stood at 91 cents per share, compared to the projected 82 cents per share, and the company's net income soared by 20% on an annual basis, reaching $2.70 billion.
During the first quarter of 2023, the American company reported revenue of about $23.33 billion and a net income of $2.51 billion.
The core business of electric vehicles (EVs) saw a significant revenue increase of 46% year-on-year, reaching $21.27 billion in the second quarter, with a 6.5% increase compared to the previous quarter.
Tesla's revenues from energy generation and storage, including solar installations and backup batteries, surged by 74% on an annual basis, reaching $1.51 billion.
With the increasing number of electric vehicles on the road, Tesla's "Services and Other" revenues, including out-of-warranty vehicle repairs, rose by 47% to $2.15 billion.
In July, Tesla reported delivering a total of 466,140 electric vehicles in the second quarter, with 479,700 vehicles produced, bringing delivery pace closer to sales.
Retail investors are eagerly anticipating updates on the Cybertruck, especially after Tesla shared an image on social media claiming it to be the first electric truck manufactured in their Texas factory. However, specific details about the truck's specifications and pricing from its 2019 debut are yet to be disclosed.
In addition to Cybertruck details, investors are also keen on updates regarding Tesla's production of the 4680 battery cell, seen as crucial for scaling Semi and Cybertruck production, as well as the development of the humanoid robot known as "Tesla Bot" or "Optimus," and the new factory planned for Mexico.
Elon Musk, Tesla's CEO and also the CEO of SpaceX and owner of Twitter, recently founded another new company, xAI, in Nevada. Musk stated that xAI plans to collaborate with both Tesla and Twitter, likely working on the "silicon interface" and "artificial intelligence software interface" of Tesla's electric vehicles.
