Missed Tesla's Q2 Earnings Call? Read Our Bullet-Point Summary of Everything Announced

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Did you miss Tesla’s Earnings Call, or just want to see a summarized version? We’ve got you covered. Below is an outline of everything talked about during Tesla’s earnings call and Q&A session.

EV Market and Giga Factories

• Strong EV adoption, despite short-term challenges.

  • Positive long-term outlook

• Future vision for an all-electric future, including boats and planes.

• Possible vehicle tariffs for Mexico means that Giga Mexico is on hold.

• Giga Berlin could serve as a new export point as tariffs are placed on Chinese-built vehicles in Europe.

Production

• Affordable Tesla model expected to be revealed in the first half of 2025.

• Expansion of vehicle lineup, including new trims and paint options in 2024 has helped sales

• Cybertruck production has tripled so far – 1,400 per week, and ramping continues.

  • Expected to be profitable by the end of 2024.

• Model 3 and CT are still being impacted by tariffs as they scale up.

• 4680 cell production improvements

  • 51% more 4680 cells in Q2 over Q1, with a COGS reduction.

  • 1,400 CTs per week on 4680.

  • Tesla is reaching cost-parity with other cells by the end of 2024.

  • First Validation Cybertruck on dry-cathode process has been built and is being tested.

  • Production launch for dry-cathode process in Q4, should drive costs down by up to 50%.

• Tesla Semi factory on track for large-scale production by the end of 2025.

• Giga Berlin has begun producing and delivering RHD vehicles, including to the UK.

• Roadster engineering is complete and expected to see production sometime in 2025.

• Tesla’s guideline for production is 300mi on a single charge.

  • Tesla expects to expand its Supercharging network globally to meet this goal.

  • This seems to be the data-driven distance that Tesla has found most suitable for general driving uses.

FSD, Autonomy, AI

• Tesla continues to work towards unsupervised FSD. Aiming to see unsupervised FSD by the end of 2024, if not the end of 2025.

  • Elon has admitted he’s been overly optimistic in the past.

  • This new estimate is based on current trends in miles per intervention growth.

• Robotaxi event to take place on 10/10/2024.

  • Elon wanted to improve Robotaxi a bit more, and also show off “some other things”

• Tesla is looking to seek FSD approval with V12.5 or V12.6 in Europe, China, and other countries, hopefully by the end of the year.

• Tesla is in talks with multiple OEMs for FSD licensing.

  • OEMs will need 360* camera coverage, a gateway, and Tesla’s AI computers at minimum.

  • Tesla is looking for OEMs to produce over 1m vehicles per year.

  • Disclosure of an agreement will happen in conjunction with the signing OEM.

• Optimus is working in Tesla’s factories in a limited capacity.

  • Limited initial production to begin at Giga Texas in early 2025.

  • Tesla expects to use V1 to iron out bugs internally.

  • V2 is expected through 2026 and will be sold to outside customers.

• Tesla will continue working on DOJO, as acquiring Nvidia GPUs is becoming more and more difficult.

  • Tesla aims to be competitive with Nvidia in the AI GPU space in the future.

• Tesla aims to launch distributed compute alongside its AI5 hardware (formerly HW5).

  • AI5 is expected to launch in late 2025 and be in mass production by early 2026.

  • Distributed compute could use about 100 hours of idle time per week to generate income.

• Grok in Tesla could be a thing of the future, Tesla has learned a lot from xAI.

  • A proposed shareholder vote on investing in xAI could happen soon.

Tesla’s Financial Performance in Q2 2024

• Record quarter for regulatory credits.

• High interest rates globally have impacted sales and revenue per unit.

  • Tesla has offset rates in the US through competitive financing rates and expects to continue this into Q3 2024.

• Service and Merchandise profits have improved incrementally this quarter.

• Energy Storage deployments doubled between Q1 to Q2, leading to record revenue and profits.

• Tesla has a positive cash flow of $1.3 billion after restructuring this year.

  • Restructuring cost approximately $622m

  • Total free cash float of $30B.

• Capital expenditures of approximately $10B this year but beginning to come down.

  • This includes the money already spent on the new AI supercomputer cluster.

Energy Storage and Deployment

• Tesla’s Megapack factory production continues to ramp up, new Shanghai Megafactory is well in progress.

  • After the completion, current production is expected to double or triple.

  • Tesla is currently constrained by production.

• Powerwall 3 is now available in multiple countries, and demand is exceptionally high.

• There is a long pipeline between purchase and delivery for Megapack, Tesla has good pricing leverage and is working with global energy providers.

• Chinese OEMs are competitive, but Tesla offers a full software stack, including Auto Bidder with its Megapacks.

• New Megapack demand lines:

  • Buffer for power plants – Megapack can buffer power plants so they can run at a steady state, improving power production and efficiency by 2-3x.

  • AI and Data Center backup – AI compute is power-hungry, and data centers are now looking to Megapack to provide battery backup.

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Tesla 'We, Robot' Robotaxi Event: How and Where to Watch [Updated]

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Tesla’s Robotaxi event is coming up later today, and there’s lots of hype. It’s absolutely going to be a must-see event, so we’ve outlined how you can watch it tonight.

We’re even running a Robotaxi Event Prediction Contest – so go sign up to win some prizes from our fantastic sponsors.

If you weren’t one of the lucky lottery winners who managed to snag a ticket, there are a few ways to watch the Robotaxi event.

When

Tesla says the event will start at 10 PM EST or 7 PM PST. However, expect it to start fashionably late as usual. The agenda Tesla has provided is below.

Watch Live

The event is expected to be available on X, YouTube, and Tesla’s website. The links for X and YouTube are below. We’ll update this as the day goes along and Tesla adds additional sources.

• Watch the Robotaxi event live on X.

• Watch on YouTube (below)

Agenda

This is the agenda Tesla has provided. All times are PST.

3:00 PM: Parking Lot Opens

5:00 PM: Doors Open

5:30 PM: Check-In Begins

7:00 PM: Remarks

Watch in Tesla Showrooms

Tesla is also running events at its local showrooms worldwide. Many of these pop-up events have been organized by the Tesla showrooms or in conjunction with local Tesla Owner’s Club groups.

You can go to Tesla’s Events Page here and see if there are any showrooms open in your region. These events are in-person, and a good way to hang out with local Tesla fans and owners to watch one of the biggest events in Tesla’s history. If you don’t see an event listed, try calling your local Tesla showroom or contacting your local Owner’s Club. Other events may be running locally that you could attend.

Location

Warner Brothers Studios

3499 Warner Blvd, Burbank, CA 90068

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New Tesla Charging Visualizations Expected in the Future

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Tesla’s Alex Guichet, Mobile App Engineer and Designer, posted on X that they are hiring a new C++ UI Engineer. According to Alex, this position will be focused on building the charging UI in Tesla vehicles.

While the charging UI received some basic updates back with the big Spring Update, it hasn’t really seen major changes in a long time. So, let’s take a look at what this position is exactly, and dig into what we’d like to see in the future.

Senior Software Engineer

The position that Tesla is hiring for is a Senior Software Engineer, Vehicle User Interface Charging – working out of Tesla’s Global Engineering Headquarters in Palo Alto, California. The position will be specifically responsible for the look and feel of the user charging experience, focusing on Tesla’s in-vehicle Infotainment UI.

Tesla expects the position to also work alongside business, product, engineering, and design teams to build simple, intuitive, and fluid user experiences.

That’s a broad job description, but Tesla pays well for what it offers – with the position starting at $120,000 a year, up to $210,000 a year. If you’re interested in the position, you can read more and apply here.

Charging Visualizations

Tesla’s current charging visualizations are fairly simple and to the point, both in the app and in the vehicle. Adding some flare to both visualizations would certainly be nice. If Tesla’s new parked visualization in AMD vehicles is any indication, we’re in for a treat with these upcoming visuals. Tesla could even add different visualizations depending on whether you’re charging with a Supercharger, Wall Connector, Mobile Charger, or a third-party charger.

Imagine if Tesla implements some of these visualizations directly into the vehicle’s visuals. You could pull up to a Supercharger and see them rendered directly on the screen and maybe even see how much each vehicle is charged, so you have a better idea of which stall will be available first.

We’d also love to see better and improved integration for Charge on Solar and PowerShare. There’s certainly a lot Tesla can do.

We’re excited to see the future of the charging UI but don’t expect these changes anytime soon since Tesla just started hiring for the position. However, it’s great to know where Tesla is headed and what they’re planning.

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