Tesla's Revenue Rises, Net Profit Falls

US-based electric vehicle manufacturer Tesla announced its financial results for the second quarter of 2024. The company's total revenue increased by 26% compared to the same period last year, reaching $28.2 billion. This growth was driven by an increase in vehicle deliveries and strong performance in the energy storage business. However, during the same period, Tesla's net profit declined by 5% year-over-year to $1.8 billion. The drop in profitability was attributed to rising operational expenses and investment expenditures. The company stated that costs increased due to new model launches and efforts to expand production capacity. Tesla's automotive segment revenue stood at $24.3 billion in the second quarter, while revenue from energy generation and storage reached $1.5 billion. Services and other revenues were recorded at $2.4 billion. The company's gross profit margin fell to 18.1% from 19.2% in the same period last year. Analysts noted that Tesla's revenue growth met expectations, but the decline in profitability has worried investors. The company's stock price experienced volatility following the results. Tesla announced that it will focus on cost control in the second half of the year and continue growth through new product launches. This is not investment advice.