Tesla Strengthens Position as Prepares to Launch New Car Platform

Image credit: Tesla

Tesla published financial results for Q2 2024, showing revenue growth. The company has returned Giga Shanghai to full production capacity, is preparing to launch new, affordable vehicle models in 2025 and is seeing growth in its Energy business. Welcome to the news roundup with Jowua.

Megapack to power France's largest battery energy storage project

Tesla continues to have a growing influence on the development of sustainable energy. After announcing its involvement in major battery energy storage projects, the company has announced a new collaboration. Tesla will supply its Megapacks to support France's largest BESS, being developed by Harmony Energy. Project Chevire is located in the port of Nantes-Saint-Nazaire. The 100 MW/200 MWh battery project will store enough energy to power 170,000 homes for two hours. The Chevire will be equipped with Tesla's Autobidder EMS. Completion of the project is expected in 2025.

Giga Shanghai is back to operating at full capacity

Earlier this year, it was reported that Tesla had cut production at its Chinese factory by 20% due to lower demand. A new report has revealed that Giga Shanghai is operating at full capacity again. The factory reportedly produces one Model Y every 30 seconds. This means Tesla is ready for demand to rebound and deliver more vehicles to multiple markets around the world.

Tesla reported revenue growth, EPS below expectations

On Tuesday, Tesla released financial results for Q2 2024. Although Non-GAAP EPS was $0.52, which was below expectations, the company recorded revenue growth. Total revenue increased 2% YoY in Q2 to $25.5B. The main factors that contributed to this were: growth in the Energy Generation and Storage business, Cybertruck deliveries, higher regulatory credit revenue, growth in Services, and Other.

Tesla's operating income decreased YoY to $1.6B in Q2, resulting in a 6.3% operating margin. YoY, operating income was primarily impacted by reduced S/3/X/Y vehicle ASP, restructuring charges, an increase in operating expenses largely driven by AI projects and a decline in S/3/X/Y vehicle deliveries.

Cybertruck will be profitable by the end of 2024

Cybertruck production continues to increase. The pickup truck has already become the best-selling electric truck in the US and its influence on the market will only continue to grow. Cybertruck production has more than tripled and aims to reach profitability by the end of 2024, according to Tesla.

New Tesla models expected in early 2025

The company previously postponed the Robotaxi event from August and a new date is scheduled for early October. However, Tesla remains committed to its plan and intends to begin production of new products within the previously established timeframe. The manufacturer once again confirmed that the release of more affordable models on the new platform is expected in early 2025.