Tesla continued to rake within the money within the second quarter of 2023, on the again of report world deliveries. The corporate introduced in almost $25 billion in income within the second quarter (Q2), which was 47% greater than in Q2 2022. However let’s look somewhat extra carefully at these and different numbers.

Tesla Gross Revenue & Gross Margin

Whole gross revenue was a bit greater than $4.5, up 7% in comparison with Tesla’s gross revenue in Q2 2022.

A 3rd key overarching monetary determine is gross margin (utilizing GAAP accounting). Whereas Tesla was nonetheless at a really wholesome 18.2% on this metric, that was down significantly from the 22.4% of Q2 2022 — as you might have already found out when seeing revenues up 47% however gross earnings up solely 7%. (And when you did the maths in your head, additional credit score or bonus factors for you.)

Trying by phase, Tesla’s automotive income was up 46% to $21.27 billion, its vitality technology and storage income was up 74% to $1.51 billion, and its “providers and different” income was up 47% to $2.15 billion.

Tesla Money

Let’s simply have a look at straight money issues now.

“Web money offered by working actions” was as much as $3.065 billion, 30% greater than the $2.351 billion of Q2 2022.

In the meantime, capital expenditures had been $2.060 billion, up 19% from the $1.730 billion of Q2 2022.

Free money movement, thus, was $1.005 billion, 62% greater than the $621 million of Q2 2022.

Money, money equivalents, and investments had been a report $23.075 billion, 22% increased than a yr earlier than.

In case you like a desk stuffed with numbers, right here’s one other method to take a look at the figures above and extra from Tesla:

We’ve already coated Tesla car manufacturing and deliveries (aka gross sales) for Q2, however right here’s a desk displaying these in addition to photo voltaic, vitality storage, Tesla location, cellular service fleet, Supercharger station, and Supercharger connector development:

So, sure, car manufacturing jumped 86% and car deliveries jumped 83% in Q2 2023 in comparison with Q2 2022, and leasing jumped 137% however remains to be a really small portion of Tesla’s car enterprise.

Automobile stock (days of provide) is an fascinating metric for quite a lot of causes. Initially, it was up 300% in Q2 2023. Stock being increased was one thing we highlighted earlier than the manufacturing and gross sales numbers got here out a pair weeks in the past — each order backlog and stock itself. Simply how that modified yr over yr (up 300%) could possibly be a bit regarding — and possibly it stays a bit regarding for a few of you. Nonetheless, whenever you have a look at the variety of days of provide, these issues may also dissolve rapidly. Final yr, Tesla had simply 4 days or provide (stock) on the finish of Q2. This yr, that had risen to 16 days of provide, however 16 days of provide remains to be higher than the business common and fairly small. Some have mentioned that this enhance in stock is essentially attributable to Tesla “unwinding the wave” of its traditionally difficult globally supply course of.

The variety of Tesla areas (gross sales, service, supply, and physique store areas) had risen 29% from 831 in Q2 2022 to 1,068 in Q2 2023. In the meantime, its cellular service fleet rose 22% from 1,453 autos to 1,769 autos.

On the charging entrance, Supercharger stations grew 33% from 3,971 to five,265, and particular person Superchargers connectors grew 33% from 36,165 to 48,082. That’s astounding charging infrastructure development, and it’s one thing we’ll in all probability come again to in one other article.

The car enterprise is actually the majority of Tesla’s enterprise, however let’s additionally have a look at these different fascinating vitality business metrics. Deployed Tesla solar energy declined yr over yr, from 106 MW to 66 MW. That’s a bit shocking for the reason that Inflation Discount Act has inspired solar energy adoption. Alternatively, deployed vitality storage merchandise grew 222%, from 1,133 MWh to three,653 MWh.

We’ll come again to different highlights in future articles, however the quarterly Tesla convention name is now dwell, so I’m going to give attention to listening to that.

All photographs courtesy of Tesla.

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