ISTANBUL: US electric carmaker Tesla saw its income plummet 45% in the second quarter compared to the same period last year, according to its financial results released Tuesday.
Net income attributable to common stockholders fell to nearly $1.48 billion, down 45.2% from approximately $2.7 billion in the second quarter of last year.
Total revenues, on the other hand, were up just 2.4% to $25.5 billion from $24.9 billion, according to the results.
Income from operations declined 33%, but free cash flow increased 34% year-on-year, the results showed.
The company said it achieved “record quarterly revenues” in the second quarter “despite a difficult operating environment.”
“We also saw a sequential rebound in vehicle deliveries in Q2 as overall consumer sentiment improved and we launched attractive financing options to offset the impact of sustained high interest rates,” said the statement.
The electric carmaker’s stock price was down 3.33% in after-hours trading on the Nasdaq after it finished Tuesday with
a 2.04% daily loss.
Tesla said early this month that it produced more than 410,000 vehicles and delivered nearly 444,000 in the second quarter.
The figures, however, were lower compared to the second quarter of 2023.
In the April-June period of last year, the company produced 460,211 Model 3/Y vehicles and delivered 446,915.
Source: Anadolu Agency