Finally the time had come, Tesla published the figures for the second quarter of 2023 on July 19. In total, Tesla recorded sales of 24.93 billion US dollars (the equivalent of around 22.25 billion euros), which corresponds to an impressive growth of 47 percent compared to the same quarter of the previous year. Here, revenue was $16.93 billion. Profit for the quarter was 2.7 billion U.S. dollars (around 2.41 billion euros), which represents growth of 20 percent compared to the previous year, when profit was 2.26 billion U.S. dollars.
Most of the revenue in April, May and June 2023 came from the automotive segment, totaling $21.27 billion (Q2 2022: $14.60 billion). The company's margin was 9.6 percent in the second quarter of this year, down from 14.6 percent in the year-ago quarter. Tesla produced a total of 479,700 electric cars in the second quarter, of which 466,140 were delivered. This represents an impressive increase of 86 percent and 83 percent respectively compared to the same quarter last year.
In its annual report, Tesla itself speaks of an operating margin of around 10 percent, which it says remained stable despite the price cuts in the first quarter and at the beginning of the second quarter. This reflects the company's cost-cutting efforts, increased production at its Berlin and Texas plants, and strong performance in its energy, services and other businesses. The quarter-on-quarter decline in profitability was mainly due to the lower average vehicle price, but also to heavy investments in the expansion of 4680-cell production and preparations for the production of the Cybertruck. Tesla recently announced production of the first Cybertruck in Texas. Tesla emphasizes its commitment to cost reductions, new product development for future growth, investment in research and development, improved vehicle financing options, continuous product improvements and free cash flow generation.
Tesla continues to target 50 percent average annual growth in vehicle deliveries. The company expects to sell approximately 1.8 million vehicles this year, up from 1.3 million last year.
