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Tesla (TSLA) Q2 2023 Earnings

Elon Musk, CEO of SpaceX and Tesla and owner of Twitter, gestures during the Viva Technology conference on innovation and startups at the Porte de Versailles exhibition center in Paris, France, on June 16, 2023.

Gonzalo Fuentes | Reuters

Tesla reports second-quarter earnings after a call on Wednesday.

Here’s what Wall Street expects from electric car maker Elon Musk, according to analyst estimates compiled by Refinitiv:

  • income: 24.47 billion dollars
  • income: 82 cents per share

For the first quarter of 2023, Tesla reported revenue of $23.33 billion on net income of $2.51 billion. In the second quarter of last year, Tesla reported revenue of $16.93 billion on net income of $2.27 billion.

Earlier this month, Tesla reported total shipments of 466,140 vehicles in the second quarter and said it produced 479,700 electric vehicles. (Deliveries are the closest approximation of sales reported by Tesla.)

Because those deliveries were higher than Wall Street expected and were driven in part by incentives and discounts, investors will likely be looking for information on how Tesla’s price cuts have affected margins.

The retailer’s shareholders are also hoping the company will offer more updates for the Cybertruck during its earnings report on Wednesday, according to questions asked in advance on the Say Technologies platform.

last week, Tesla shared a photo on social media of the first Cybertruck ever built at its plant in Austin, Texas. However, the company has yet to reveal specifications or pricing for the angular, sci-fi-inspired pickup that Musk originally debuted and promoted in 2019.

In addition to the Cybertruck details, retail investors posting on Say wanted an update on Tesla’s production of 4,680 battery cells seen as critical to ramping up production of the Class 8 Semi and Cybertruck, Tesla’s development of a humanoid robot (called the Tesla Bot or Optimus), and a new factory Tesla said it would build in Mexico.

Investors also want information on the company’s progress in developing an autonomous vehicle or a robotaxi-ready vehicle. While Musk touted Tesla’s self-driving ambitions in 2016, he said the company would drive a hands-free ride across the U.S. by the end of 2017. Tesla has not yet completed this mission.

Morgan Stanley analyst Adam Jonas wrote in a note earlier this week: “To continue the rally, we believe Tesla needs to prove it is more than just a car company.”

Musk, who is also the CEO of SpaceX and the controlling shareholder and CTO of social media company Twitter, recently created another new company, xAI, which he founded in Nevada. Musk said earlier this month that xAI plans to work with both Tesla and Twitter, and that xAI will likely work with his electric car business on the “silicon front” and “artificial intelligence software.”

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