Tesla (TSLA) stock initially spiked 1% after reporting second quarter results but fluctuated as investors digested the earnings miss.
Here’s a look at the top takeaways investors were watching in Tesla’s results:
The core auto business:
Tesla reported second quarter revenue of $22.50 billion vs. $22.64 billion (per Bloomberg consensus), a 9% drop compared with the $25.05 billion reported a year ago. Tesla posted adjusted earnings per share of $0.40 vs $0.42, with operating income coming in at $923 million vs. $1.23 billion expected.
The cheap EV:
Tesla said its “more affordable” model was still slated for 2025 production.
“We continue to expand our vehicle offering, including first builds of a more affordable model in June, with volume production planned for the second half of 2025,” the company said in a statement.
A year ago, Tesla said in its Q2 earnings report that production remains on track for new vehicles, likely including a cheaper EV, in the first half of next year.
There has been no indication or even renderings of a new vehicle, let alone production of a vehicle priced around $30,000. Tesla’s cheapest EV is the rear-wheel-drive Model 3 sedan, which starts at around $43,000 without incentives.
Robotaxi rollout
Tesla said its purpose-built robotaxi was still scheduled for volume release production starting in 2026.
Tesla has expanded its robotaxi testing in Austin, Texas, with a bigger operating area and likely more vehicles coming.