Tesla’s EV sales fell 4.8% to 443,956 units in the second quarter of 2024|Fairfax County|CC BY-NC-ND 2.0
Tesla’s second-quarter net income dropped 45% to $1.5 billion, down from $2.7 billion last year, marking its second straight quarter of profit declines amid waning demand for EVs. CEO Elon Musk cited aggressive price cuts from rivals as a key factor.
The company has also said its growth this year will be notably slower.
On the upside, Tesla earned $890 million from regulatory credits and will unveil a new robotaxi in October, with plans for an affordable model by mid-2025. The company is also investing $10 billion this year in AI and self-driving technology.