Tesla Half-Year Report 2024

In Q2, we achieved record quarterly revenues despite a difficult operating environment. The Energy Storage business continues to grow rapidly, setting a record in Q2 with 9.4 GWh of deployments, resulting in record revenues and gross profits for the overall segment. We also saw a sequential rebound in vehicle deliveries in Q2 as overall consumer sentiment improved and we launched attractive financing options to offset the impact of sustained high interest rates. We recognized record regulatory credit revenues in Q2 as other OEMs are still behind on meeting emissions requirements.

Global EV penetration returned to growth in Q2 and is taking share from ICE vehicles. We believe that a pure EV is the optimal vehicle design and will ultimately win over consumers as the myths on range, charging and service are debunked.

Highlights

• Profitability }
• $1.6B GAAP operating income in Q2 after restructuring and other charges of $0.6B
• $1.5B GAAP net income in Q2
• $1.8B non-GAAP net income in Q2
• Cash
• Operating cash flow of $3.6B in Q2
• Free cash flow of $1.3B in Q2 (AI infrastructure capex was $0.6B in Q2)
• $3.9B increase in our cash and investments in Q2 to $30.7B
• Operations
• Record energy storage deployment of 9.4 GWh in Q2
• Optimus began performing tasks autonomously in one of our facilities
• Cybertruck became the best-selling EV pickup in the U.S. in Q2