JABAR EKSPRES – Electric car maker, Tesla on Wednesday (7/19) reported net income of 2.7 billion US dollars in the second quarter of 2023, an increase of 20 percent from the same period last year.

Tesla’s quarterly revenue totaled 24.9 billion US dollars for the quarter, which was nearly 47 percent higher than last year. Most of the revenue came from Tesla’s automotive revenue which reached 21.3 billion US dollars in the second quarter.

The automaker has reduced the cost of its four EV models in the United States, Mexico, Europe and China. The move helped boost its sales in the first half of the year, reaching a second-quarter delivery record of 466,140 units. But it also affected Tesla’s automotive margins negatively.

For the second time this year, Tesla’s gross margin fell to 18.2 percent from 25 percent in the second quarter of 2022 and down from 19.3 percent last quarter.

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Tesla’s operating margin fell slightly from 11.4 percent in the first quarter to 9.6 percent. Capital expenditures increased 19 percent year over year.

The number of Tesla Supercharger stations and connectors increased 33 percent in the second quarter to 5,265 and 48,082, respectively.

The automaker has opened its Supercharger network to other automakers, including Ford, General Motors and Nissan, in recent months.

Tesla closed the quarter with $1 billion in free cash flow, up from $441 million at the end of the first quarter.

The company’s full-year outlook is unchanged. “For 2023, we expect to remain ahead of the long-term 50 percent CAGR (growth rate per year over a span of time) with approximately 1.8 million vehicles for the year,” it said in the financial report.

The plant in Shanghai China has been successfully operating near full capacity for several months. “The Shanghai Gigafactory remains our key export hub,” he added.