July 2nd 2024, Tesla released their Q2 2024 deliveries numbers. They have sold 443,956 vehicles and made 410,831. In prior quarter, Tesla produced 433,371 and delivered 386,810. In Q2, 2023, it produced 440,808 and delivered 422,875. In Q2, Tesla offered 0.99% 60 month low interest rate discounts rather than lowered vehicle prices.
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | Seqential difference | Year over Year diff |
|---|---|---|---|---|---|
| Production | 410831 | 433371 | 479700 | -5.2010863671081 | -11.529914529915 |
| Deliveries | 443956 | 386810 | 466140 | 14.773661487552 | -4.7590852533574 |
For its energy storage devision, they have deployed 9.4 GWh energy storage products. Q2 last year, it deployed 3.6 GWh. In Q1 2024, they deployed 4.0 GWh. The Storage business grew 135% sequentially and 161% yoy. Generative AI training and inference use lots of energy. Battery storage helps energy companies expand capacity during peak usage. Tesla’s storage business may be getting more demand related to higher energy consumption of Gen AI.
Tesla earnings will benefit from the higher storage business. Due to higher deliveries vs Q1 2024, automotive earnings should be higher. In April 15, 2024, Tesla announced 10% layoff across the company globally. This reduces expenses and boost income. Tesla will present Q2 earning July 23, 2024 5:30pm Eastern Time.
For the July 4th holiday, Tesla has announced a $1,000 military discount for current military veterans, active duty members, retirees and their spouses in honor of their service and sacrifices to the country. The military purchase program slogan is “Made in America for Those Who Served”.
https://www.tesla.com/military-recognition
Source:
https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q1-2024-Update.pdf