Elon Musk talks up Tesla's Cybertruck on earnings call
Musk said demand for the future Cybertruck is 'so far off the hook you can't even see the hook'
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Tesla's revenue and earnings-per-share came in above estimates for the second quarter.
The Elon Musk-run electric vehicle and clean energy company said Wednesday it recorded $24.93 billion in total revenue in the second quarter. That marked a 47% increase from the same three-month period last year and a nearly 7% lift from the prior quarter.
Its second-quarter revenue was higher than Refinitiv analysts had estimated.
Net income experienced a 19.7% spike compared to 2022’s second quarter, hitting $2.7 billion.
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An aerial view of the Tesla Shanghai Gigafactory June 2, 2023, in Shanghai. (VCG/VCG via Getty Images / Getty Images)
For diluted earnings-per-share (EPS), Tesla posted $0.91. That was 20% higher year over year and beat analyst estimates of $0.82.
The company said it was "focusing on cost reduction, new product development that will enable future growth, investments in R&D, better vehicle financing options, continuous product improvement and generation of free cash flow."
Tesla Inc
The company’s operating margin, at 9.6%, had a 493-basis point drop from 2022’s second quarter, a level it said "remained healthy … even with price reductions in Q1 and early Q2."
"This reflects our ongoing cost reduction efforts, the continued production ramp success in Berlin and Texas and the strong performance of our Energy and Services & Other businesses," the company added.
Tesla’s release of its second-quarter results came over two weeks after it made available the latest quarterly figures for its vehicle production and delivery.
The company produced about 479,700 vehicles, 85.5% more than last year’s second quarter.
Tesla CEO Elon Musk gets into a Tesla as he leaves a hotel in Beijing May 31, 2023. (REUTERS/Tingshu Wang / Reuters Photos)
Deliveries, meanwhile, jumped 83% year over year and reached roughly 466,100. Tesla delivered nearly 254,700 in the same period in 2022.
Musk said on an earnings call that Tesla expected production in the coming quarter could "be a little bit down because we’ve got summer shutdowns for a lot of factory upgrades."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 339.64 | -2.39 | -0.70% |
Tesla said it still anticipates "remain[ing] ahead of the long-term 50% CAGR with around 1.8 million for the year."
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It highlighted companies like Ford, General Motors, Rivian and Mercedes-Benz having recently revealed intentions to add accessibility to Tesla’s Supercharger network via its North American Charging Standard.
The total number of Supercharger stations and connectors Tesla had as of the second quarter was about 5,300 and 48,000, respectively.
A charger with the Tesla logo at a Supercharger rapid battery charging station in the Silicon Valley town of Mountain View, Calif., Aug. 24, 2016. (Smith Collection/Gado/Getty Images / Getty Images)
Tesla’s Cybertruck "remains on track to begin initial production later this year at Gigafactory Texas," the company said.
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Musk said demand for the truck was "so far off the hook you can’t even see the hook."
He went on to note that it "has a lot of new technology in it," predicting Tesla would be "making them in high volume next year."
Its next generation of vehicles remains in progress.