Tesla’s profits melt away | Market News

US electric carmaker Tesla’s net profit fell by 45 percent in the second quarter of this year compared to the same period last year.

Tesla announced its balance sheet for the second quarter of this year.

Accordingly, the company’s revenue increased by 2 percent in the second quarter of the year compared to the same period last year, reaching $ 25.5 billion. Tesla had earned $ 24.9 billion in revenue in the second quarter of 2023.

The electric carmaker’s net profit fell 45 percent to $1.5 billion in the second quarter of the year compared to the same period last year. Tesla’s net profit was $2.7 billion in the same period last year.

Tesla’s net profit fell 55 percent annually in the first quarter of this year, due to falling global sales and price cuts.

DECREASE IN PRODUCTION AND DELIVERY

Tesla produced 410,831 cars globally and delivered 443,956 vehicles in the second quarter of 2024.

The company’s vehicle production decreased by 14 percent on an annual basis during this period, and the number of vehicles delivered decreased by 5 percent.

Tesla said in a statement that the company achieved record quarterly revenue in the second quarter despite the challenging operating environment.