Tesla Q2 2023 Earnings: Broad Beat as Sequential Income Development Slows

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Tesla has now introduced its earnings for the second quarter of 2023, broadly beating consensus estimates for the top-line and bottom-line metrics.

The above tweet particulars consensus estimates compiled by the Tesla IR.

Tesla (NASDAQ: TSLA) Q2 2023 Earnings

Tesla has reported $24.927 billion in income for the primary quarter of 2023, exceeding consensus expectations of $24.650 billion.

Q2 2023 Consensus (IR-compiled)

(All figures are in billions of {dollars})

The next snippet summarizes the EV large’s manufacturing actions in the course of the quarter:


Tesla produced 479,700 items in the course of the second quarter of 2023. Furthermore, in what constitutes one other report, the corporate managed to ship 466,140 items in the course of the pertinent interval, comfortably beating consensus expectations of 445,000 items (Factset).

On a extra granular stage, Tesla delivered 19,225 items of Mannequin S/X EVs in the course of the second quarter of 2023, beating expectations of 14,606 items. Critically, the EV large delivered 446,915 items of Mannequin 3/Y EVs in the course of the pertinent quarter, considerably exceeding consensus estimates of 437,386 items.

In its personal contacts with analysts, Tesla once more selected to withhold details about its auto gross margin (ex-regulatory credit). As per the tabulation by Bloomberg and Factset, Tesla’s auto gross margin (ex-RC) was anticipated to compute at 18.2 p.c. For reference, this metric computed at 19.0 p.c in Q1 2023 and 26.20 p.c in Q2 2022. In opposition to this backdrop, the corporate has now revealed that its auto gross margin computed at 18.20 p.c throughout Q2 2023.

Tesla has additionally reported free money move of $1.0 billion in the course of the pertinent interval.

Lastly, Tesla has reported $0.91 in non-GAAP (adjusted) EPS, exceeding consensus IR-compiled expectations of $0.80.

(All figures are in billions of {dollars})

The next snippet summarizes Tesla’s newest steerage:

Tesla Guidance

Earnings Context:

Tesla has lastly began to supply its much-anticipated Cybertruck. Mass manufacturing of the electrical truck, nonetheless, is simply anticipated in 2024. It’s hardly a shock, subsequently, that the corporate is aggressively growing its manufacturing capability, with Giga Berlin now anticipated to have the aptitude to supply 1 million electrical automobiles per yr after the completion of just-announced upgrades.

Whereas the corporate’s deliveries proceed to extend, its stock ranges are additionally growing. In Q2 2023, Tesla’s stock elevated for the fifth consecutive quarter, with round 90,000 items within the firm’s energetic stock.

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