Tesla delivered a record 466,000 vehicles in the second quarter,
well ahead of Wall Street estimates of 447,000. The strong deliveries should translate to solid revenues for Tesla. "As we have discussed the aggressive price cuts were a near-term pain for long-term gain strategic move for Tesla to put an iron fence around its installed base and gain new EV customers by cutting prices in a choppy macro backdrop. So far this has been a home run strategy," Ives said.$24.5 billion in revenue for the quarter, along with earnings per share of $0.82, according to data from Yahoo Finance.
Ives expects Tesla's gross margin to drop to 17.5% in the second quarter, which would be a decline from 19.3% in prior quarter and its lowest level since 2019. But after that, he expects margins to rebound back to 20% heading into 2024 as demand for its vehicles should remain strong.
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