Tesla announced its quarterly earnings after the closing bell on Wednesday afternoon, reporting record revenue for the second quarter of the year.
The all-electric automaker reported a staggering quarterly revenue of $24.92 billion USD for the period spanning April to June 2023, representing a remarkable 46% year-over-year increase. Tesla handily surpassed Wall Street expectations of $24.47 billion in revenue, according to data from Refinitiv.
During Q2 2023, Tesla achieved a net income of $2.7 billion (GAAP), demonstrating robust financial health, with an operating margin of 9.6%. This comes off quarterly deliveries of a record 466,140 units, which marked a substantial 83% increase year-over-year. At the same time, Tesla’s production saw a commendable surge of 85.5% compared to Q2 2022, reaching 479,700 units.
“Q2-2023 was a record quarter on many levels with our best-ever production and deliveries and revenue approaching $25B in a single quarter,” Tesla said in its quarterly update to shareholders.
As Tesla’s electric cars continue to gain market share across the globe, the company is gearing up to launch its long-awaited Cybertruck. According to Tesla, Cybertruck tooling and production are on track for deliveries to begin later this year.
“We are 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 concluded.
Tesla maintains a strong financial position, reporting $23.1 billion in cash, cash equivalents, and investments as of the end of Q2 2023. This figure reflects an increase of $700 million compared to the previous quarter.