Tesla's Q2 report reveals significant ongoing challenges, with a 16% decline in auto revenue compared to the prior year, primarily due to weak sales in China and Europe. Despite attempts to stimulate sales through discounts, overall revenue fell by low-double-digit percentages, with net profits down 17% to $1.17 billion. Analysts caution that the reported profit figures may be inflated due to reliance on regulatory credits, which are likely to diminish in the future, suggesting that Tesla's core financial health may be weaker than it appears.
Tesla's Q2 report continues a series of highly disappointing quarters for the company's EV sales, particularly in China and Europe, despite significant discounts.
Tesla's auto revenues dropped 16% compared to Q2 of last year, and overall revenue declined by low-double-digit percentages, highlighting a clear sales headwind.
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