Tesla’s (NASDAQ:TSLA) Q2 2024 earnings call comes on the heels of the company’s Q2 2024 Update Letter, which was released after the closing bell on Wednesday, July 23, 2024.
Tesla posted total revenues of $25.5 billion, with automotive revenues of $19.878 billion in the second quarter. The company also posted non-GAAP earnings per share of $0.52 and GAAP EPS of $0.42 for Q2. Tesla posted $1.6 billion GAAP operating income after restructuring charges of $600 million in the second quarter as well.
Q2 2024 Earnings Call starts in ~1.5h https://t.co/DnhM6ay60N— Tesla (@Tesla) July 23, 2024
The following are live updates from Tesla’s Q2 2024 earnings call. I will be updating this article in real-time, so please keep refreshing the page to view the latest updates on this story. The first entry starts at the bottom of the page.
17:30 CDT: That’s a wrap! Thanks for reading and following along with our Live Blog! ‘Til next quarter!
17:27 CDT: Potential Trump Presidency could end IRA, and would Tesla have negative implications if IRA is ended, an analyst asks. Musk mulls the question and says “It would have some impact, but it would be devastation to our competitors.” Musk believes getting rid of the IRA would have minimal impact on Tesla. He continues to hound the point that Tesla’s value is highly reliant on autonomy and says if an investor does not believe the company will solve self-driving, they should sell their stock.
17:18 CDT: Musk breaks down the ride-sharing platform, highlighting the advantages: the vehicle could be used 24/7, and could be a full-time member of the vehicle fleet or a part-time contributor. Vehicle owner will share revenues with Tesla directly.
Rollout questions from Pierre Ferragu of New Street Research are met with confusion from Musk. “Every car will be capable,” as Ferragu asked if the early rollout of Robotaxi would be geofenced and small-scale.
-
17:14 CDT: Musk says GM canceled its self-driving, pedal-less, wheel-less vehicle was canceled because “it’s not up to par.” He says GM blamed regulators instead of being transparent about their self-driving efforts. “GM can’t make it work.”
17:12 CDT: Musk says Supervised FSD will come to China, Europe, “and other countries” upon the release of v12.6. It will submit regulatory approval when those versions are rolled out
17:04 CDT: Alex Potter of Piper Sandler asks about FSD licensing — “Can you elaborate on the mechanics of how this would work?” Potter asks if it would be “plug-and-play” or would OEMs have to adopt Tesla platform.
Musk confirms hardware would have to be upgraded: cameras and gateway with cellular and Wi-Fi capability would be required. “…it will be several years before we see this in volume,” Musk says. The CEO also adds that disclosure would depend on who the OEM licensing FSD is, and a volume minimum would be required.
16:59 CDT: Ben Kallo of Baird asks about the automotive revenue balance and how it will be impacted by AI. Musk says Optimus will likely be more of a contributor to company revenue than all other parts of the business combined. Musk believes 22 million units of humanoid robots will be demanded by customers worldwide, with Optimus leading the way. “We have all the ingredients; I think we are unique in having all of the ingredients [when it comes to humanoid robots],” Musk said. He also mentions ARK Invest’s analysis when factoring in AI and robotics.
Gigafactory Mexico is “paused” until after the election. Tesla will ramp up production at its existing factories.
16:58 CDT: Musk says he doesn’t want to give any details about future vehicles after an analyst question because it could cannibalize near-term sales.
-
16:53 CDT: Musk says Grok will make its way into Tesla vehicles at some point.
16:52 CDT: Does Tesla feel it is cheating people from the joy of owning a Tesla because it doesn’t advertise? Simply put, no. More people in Q1, 66% of deliveries were to people who never had a Tesla before
16:51 CDT: Optimus accessories question gets a chuckle from Musk and Co. No real update given by the team.
16:49 CDT: Musk says NVIDIA’s execution is “impressive” as he talks about Dojo. More effort on Dojo is needed to ensure training capability needed, Musk says. “We do see a path to being competitive with NVIDIA with Dojo,” he adds. “We kind of have no choice because the demand for NVIDIA is so high; it’s obviously their obligation to raise the price of GPUs to whatever the market will bear…We’ve really got to make Dojo work, and we will.”
16:47 CDT: A question regarding the 4680 production cell ramp yields Tesla to reveal 51 percent more cell production in Q2 than Q1. More than 1400 Cybertrucks worth of 4680 cells each week. The first validation Cybertruck with the dry-cathode process has been built. Tesla says it’s on track to launch dry-cathode in Q4, lowering costs for widespread cell production.
16:42 CDT – Tesla’s CFO takes the stage. Like Musk, he also extended his thanks to Tesla’s team for pulling through in the second quarter. The executive highlighted that Tesla is offering extremely competitive finance rates worldwide, so the best time to buy a Tesla is right now.
He also emphasized the fact that Tesla’s vehicles are the most American cars on the market today. “We pride ourselves as a company with the most American-made cars.” He also noted that “Our focus is to provide the most compelling products at the most competitve price.”
-
16:39 CDT – The CEO noted that the Tesla Robotaxi is now planned for an unveiling on October 20. The delay in the vehicle’s unveiling is due to changes that he asked for the vehicle.
As for Optimus, Tesla expects several thousands of humanoid robots produced and performing useful tasks at the company’s facilities by next year. Optimus Version 1 will start limited production by next year, Musk estimated.
Musk also highlighted that Tesla Energy is growing at an incredible pace. Tesla Energy may also double or triple production with both the company’s Lathrop and Shanghai Megafactories.
16:35 CDT – Elon Musk takes the stage for his opening remarks. He acknowledges that there is now more competition in EV market. He also noted that competitors have rolled out discounts on EV prices, which has been a bit challenging for Tesla — but not in the long term.
Despite these challenges, Musk thanked the Tesla team for achieving record revenues this past quarter. The CEO noted that Tesla would not get too deep into its product road map in the earnings call, though he did note that a more affordable model unveiling is expected in the first half of 2025.
Musk also highlighted that FSD is seeing a lot of progress, with version 12.5 having 5x the parameters of 12.4. He encourages Tesla owners to try out FSD. “Full Self-Driving will be a massive demand driver,” Musk said.
16:30 CDT – Tesla’s Q2 2024 earnings call begins — on time(!) The company’s new IR Head takes the stage. Elon Musk and other Tesla executives are present.
-
16:26 CDT – And the music starts. Here we go! Or rather, the actual waiting starts now.
16:20 CDT – Tesla stock is down 4.27% as of writing. This is not a small drop by any means, though it is more tempered than the drops from previous quarters. As per Barron’s, Tesla shares have moved an average of 11% over the past four quarterly reports.
16:15 CDT – Hello, everyone, and welcome to our live blog of Tesla’s second quarter 2024 earnings call. Tesla’s second quarter results are quite mixed, with the company beating estimates for revenue but falling short of expectations in earnings per share. Tesla also reported $1.6 billion GAAP operating income in Q2 after restructuring charges of $600 million. Elon Musk and Tesla’s other executives would likely provide some context on the company’s Q2 results in the upcoming earnings call.
Here’s the livestream of Tesla’s Q2 2024 earnings call.
Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.
SpaceX will report second quarter results after the market closes on Tuesday, August 4, marking the first time the company has opened its books to the public since its record IPO in June. Management will host a live audio only webcast at 4:30 p.m. ET, streamed on X, with no dial in option.
The debut carries more weight than a typical first quarter as a public company. Two trading days after the release, on August 6, the first tranche of SpaceX’s lockup expires, freeing roughly 911.5 million insider and employee shares, worth well over $100 billion at current prices and the largest such release in Wall Street history. A second, larger tranche tied to the stock trading 30 percent above its $135 IPO price never triggered, since shares have spent most of July trading below that price.
Wall Street’s models point to revenue near $6.9 billion for the quarter, up sharply from the $4.69 billion SpaceX reported in the first quarter, with a narrower per share loss than the $1.27 posted three months earlier, according to estimates compiled by Motley Fool. Those numbers will be the first look at how SpaceX’s three segments, Starlink, launch and AI, are performing independently.
SpaceX scores another massive Pentagon deal to support military satellites
Investors heading into the call have a specific list of questions. How many net new Starlink subscribers did SpaceX add after ending March with 10.3 million, and is average revenue per user holding up as the service expands into lower income markets. How much of the AI segment’s revenue reflects contract signings with Anthropic, Google and Reflection AI this year, deals that combined could annualize to nearly $28 billion if fully ramped. Whether capital expenditures, which nearly doubled in the AI segment alone between 2024 and 2025, are still accelerating or starting to plateau. And whether management offers any forward guidance at all, something SpaceX has never done publicly.
The report will also land days after Elon Musk publicly denied a Wall Street Journal report describing internal planning to separate Tesla’s China business ahead of a potential Tesla-SpaceX merger. Whether Musk or SpaceX executives address that speculation on the call, even indirectly, maybe something investors will be listening for on Tuesday.
As Teslarati reported after Musk’s own warning to short sellers last week, the CEO has made clear he expects skeptics to be proven wrong over time. Tuesday will be the first chance for the numbers themselves to make that case.
Elon Musk
Tesla AI boss reveals how big Optimus is going to get
Tesla’s Optimus chief corrected himself on X, confirming a staggering 10 million robot production target.
![Tesla Optimus Gen 3 [Credit: Tesla]](https://www.teslarati.com/wp-content/uploads/2026/03/tesla-optimus-gen3-diner.jpg)
Tesla’s Optimus program has a new number attached to it, after Ashok Elluswamy, the executive who has run the humanoid robot program since June 2025, posted a three word correction on X Thursday, “Correction, 10 million robots.”
The line clarifies the long term annual capacity Tesla is building toward its planned second Optimus production line at Gigafactory Texas, a figure Musk has cited repeatedly since last year’s shareholder meeting.
The scale is worth noting, because ten million robots a year would mean Tesla building more units annually than most countries sell in new cars. Tesla has framed this as a second line, not the first. The buildout is happening in two phases: a roughly one million unit per year line inside Tesla’s Fremont factory, installed on the floor space vacated when Model S and Model X production ended earlier this year, and a much larger dedicated facility under construction at Giga Texas that broke ground on its first steel structure in May. That Texas facility is the one Elluswamy’s correction refers to, and is expected to reach volume production sometime in 2027.
Correction, 10 million robots https://t.co/0z4nyQNTzp
— Ashok Elluswamy (@aelluswamy) July 30, 2026
Tesla Optimus project fires up as Musk sees production line progress
Elluswamy took over Optimus from Milan Kovac last summer and has spent the months since talking up the program’s trajectory. Elon Musk has also floated the ten million figure at Tesla’s 2025 shareholder meeting.
Ending Model S and Model X production to make room for the first Optimus line was one of the more consequential manufacturing decisions in the company’s recent history, retiring two flagship vehicles in favor of a robot that has yet to enter mass production. Musk has previously estimated per unit production costs at $20,000 to $25,000 once Tesla reaches a million units a year, though he hasn’t said what that cost looks like at ten times the volume.
SpaceX just picked up another $1.6 billion from the Pentagon, with the U.S. Space Force awarding two task orders worth $1.6 billion to fly 18 Falcon 9 missions from Vandenberg Space Force Base in California through the end of 2027. The launches will carry satellites for the Space Based Sensing and Targeting portfolio, a set of programs meant to help the military detect and track airborne threats and relay that information across forces in near real time.
The award falls under National Security Space Launch Phase 3 Lane 1, the Space Force’s faster, commercial style procurement track for missions that do not require the military’s most demanding certification process. It is also the largest single order publicly disclosed under that program so far, and the first task order issued since the Space Force nearly tripled Lane 1’s contract ceiling from $5.6 billion to $17 billion on July 17.
SpaceX to become America’s Military data backbone for missiles, drones, and warfighters
Eric Zarybnisky, the Space Force’s acting portfolio acquisition executive for space access, said the entire process, from identifying the requirement to signing the contract, took about two months, including a month set aside for companies to prepare proposals.
SpaceX is not just launching these satellites. It already holds the contracts to build two of the programs within the same portfolio, $4.16 billion for the Space Based Airborne Moving Target Indicator system and $2.29 billion for the Space Data Network Backbone, which Teslarati covered in May. That means SpaceX is now responsible for both building key pieces of the military’s next generation sensing network and getting them into orbit.
With this latest award, SpaceX’s Pentagon contract total for 2026 alone tops $8 billion, adding to a defense portfolio that already includes the Golden Dome missile defense software group SpaceX joined in April and a string of GPS launches it inherited after ULA’s Vulcan rocket ran into a booster anomaly, which we detailed in March.
Lane 1’s vendor pool technically includes seven companies: SpaceX, ULA, Blue Origin, Rocket Lab, Stoke Space, Impulse Space, and Relativity Space. In practice, SpaceX remains the only provider with the combination of launch cadence, flight proven Falcon 9 hardware, and West Coast infrastructure to support a campaign requiring roughly one Vandenberg launch a month for the next year and a half.
Some lawmakers have flagged the growing concentration of national security launches with one company as a risk worth watching. For now, the Space Force keeps backing SpaceX, with it being the company that shows up ready to launch.
SpaceX’s biggest test yet arrives this week and it’s not a rocket launch
SpaceX’s Starship just got filmed by its own cargo
