Musk prioritises autonomy following Tesla’s mixed Q2 results

Tesla’s Q2 2024 financials show that its core EV business is declining, but Musk is more concerned with its future as an autonomy company. By Will Girling

Tesla released its Q2 2024 results late on 23 July, announcing 2% year-on-year growth in revenue to US$25.5bn. The automaker listed several positive contributing factors, such as growth in its Energy Generation and Storage business (9.4 GWh), increased Cybertruck deliveries (top-selling electric pick-up in US for the quarter), and higher regulatory credit revenue.

“Plans for new vehicles, including more affordable models, remain on track for start of production in the first half of 2025,” stated Tesla. The “affordable” vehicles in question presumably include the mass market (US$25,000) Model 2, which has previously been hinted as a 2025 possibility. The automaker remains convinced that a pure electric vehicle (EV) is “the optimal vehicle design”—perhaps refuting the recent uptick of hybrid sales—and that “myths” about range and charging that affect consumer uptake will be “debunked”.